Energy Sector Job Losses Said Unlikely to Return Until Late 2021

The downturn in the U.S. energy sector caused by the Covid-19 pandemic is “truly like no other” as 70% of the jobs lost this year may not come back until the end of 2021, the Deloitte consultancy said Monday.

However, the economic devastation presents opportunities for the oil and gas industry to accelerate its transformation to cleaner energy and high technology, the report’s authors said.

“Disruption and technology have a record of creating jobs, not destroying them; along the way, they transform the entire way of working for an organization,” the authors said. “Companies and employees that look at the crisis through the lens of innovation and technology will likely be better prepared than others to take on new opportunities.”

About 107,000 people in the U.S....