In the Texas oil patch, average pay has always been higher than in most industries, and it’s apparently rising fast, according to a June energy survey by the Federal Reserve Bank of Dallas.
“Wages in oil and gas support services firms increased 25% in 2021 and another 10% so far in 2022,” one executive told the Dallas Fed. “Rig hands are starting at about $85,000, with no experience and [they] work half the year.”
That’s just one anecdote, a single data point. But it was striking enough to be included in the Federal Reserve’s recent Beige Book, a periodic summary of economic conditions around the country based on anecdotal information from key business contacts and other sources.
