Notes

The Changing of the Guard
The end of World War II brought about 2 significant events that could have a significant role in shaping the oil industry once we know it. The baby boom and the oil boom happened almost in parallel and both were born out of a wave of optimism that swept over the allied nations.

The world was at peace and people saw this as a fresh beginning. The infant boom started straight following the war and is officially know because the period from 1946 to 1964. Birth rates in america soared during this time period and in 1954 annual birth rates exceeded 4 million and did not drop below that figure until 1965 when 4 out of 10 Americans were beneath the age of 20.

This trend continued across all of the allied nations and a new work force had been born.

Separately to this there was another boom happening, this time around in the oil industry.

By the end of the great depression the oil industry had began to grow with oil being discovered around the world. Many of the American oil companies had expanded into these regions and the introduction of the initial submersible drilling barge in 1933 had created another massive avenue for growth. In 1938 oil was discovered in Kuwait and Saudi Arabia and things were looking good until per year later when WWII put another premature end to the impending boom.

This is however only delaying the inevitable so when the war ended in 1945 the donkeys started nodding once again and this time there was nothing to avoid them.
For another 28 years the industry grew rapidly with an increase of oil being discovered and new technologies invented making it easier to reach reserves once thought impossible.

By the late 60's early 70's, the baby boom generation had finished college and were prepared to hit the task place and the oil industry was waiting with open arms.

In 1969 Oil was discovered in the North Sea also it wasn't a long time before the oil fueled circus come to town. Aberdeen experienced an amazing transformation because the oil men moved in. A city home to fishing, textile mills, shipbuilding and paper making factories was soon to be became the biggest market of Europe's petroleum industry but it wasn't until 1975 that the initial oil was produced from the North Sea

2 years earlier the oil embargo had raised oil prices from $2.90 to $11.65 propelling the oil industry right into a modern. The attractive wages caused a stir in the united kingdom and a lot of the infant boomers joined the oil industry to get their fortune

By 1981 the oil industry was the industry to stay. School leavers, college graduates and university students all saw the industry as a place to produce a bundle and between 1979-1981 oil prices had risen from $13.00 to $34.00

During this time the industry attracted people from all walks of life. With a rich vein of new recruits joining the all appeared to be going along smoothly. The infant boomers now within their mid 30's / 40's provided an excellent mix of experience and youth and information was being transferred between your generations. Until 1986...

The 1986 oil price collapse was commonly referred to as an ideal storm. Oil prices that were trading at over $30 a barrel had dropped to $9 by August that same year. Thousands of jobs were lost worldwide and in america marginal wells were being plugged one every half an hour.

This event was the beginning of a grim period where in fact the oil industry attracted more bad news than good. The golden days of the last 20 years were now well and truly over and the industry was fast becoming the pantomime villain.

With continued bad press and lack of growth the staggered on, unable to attract any new blood. With a surplus of experienced oil workers combined with emergence of the more colorful careers like marketing, advertising and investment banking the generation X didn't desire to work in foreign countries drilling for "black gold", instead these were lured by a new trend, the M.B.A.

The M.B.A. (master of business administration) became touted as the yuppie degree as having an MBA was a passport to high pay and rapid advancement in the new corporate world.

With the baby boomers heading into their late 50's and towards retirement a daunting realisation appeared. Having check here developing new blood in the 80's and 90's meant a generation gap had appeared and the valuable experience gathered by the infant boomers was in danger of being lost.

As the world steamed into the 21st century the crisis was becoming more and more evident and your choice was designed to actively recruit new blood in to the industry. It had been a brave move but it happened way too late. The baby boomers are now well on their way to retirement and the graduates have not yet fully bought into the industry

The result is that a vast amount of knowledge and experience will retire together with the seniors and the graduates will not have had time to acquire that knowledge.

The current economic crisis has amplified this issue and rather than the big players in the industry using the lull to purchase the near future by recruiting and training up graduates with the help of the baby boomers, they have made cutbacks releasing thousands of graduates and accelerating the retirement of several of the baby boomers.

In 2008 Kathleen Casey-Kirschling, born on January 1, 1946 became the initial of an estimated 80 million American baby boomers to use for social security benefits.

The Changing of the Guard has begun.

I am in the industry and see first hand how this has shaped the industry. There are is an extremely noticeable lack of people within their 30's and 40's causing a massive gap between the experienced baby boomers and the graduates who've recently been recruited so that they can soften the blow. The primary issue will undoubtedly be in transferring the knowledge to the graduates.

As a conscientious member of the Oil & Gas Industry that is an issue that i am very aware of and passionate about and I have taken it upon myself to create tools that will assist the next generation. MasterVendorList.com is the first. This can be a vendor sourcing tool designed specifically for the oil & gas and Petrochemical industries. The tool resolves a number of the major issues facing both clients and vendors of these changing times.

Jeremy Ball
CEO & Founder of MasterVendorList.com
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