Technological advances have led to declines in labor tied to oil and gas with only small impacts on production, the International Energy Agency said. A report from the IEA on overall capital spending in an era where crude oil prices have lingered at historic lows found technological gains are having a clear impact on employment. “In general, technological progress is leading to lower labor intensity across the energy system,” the IEA reported. “For example, a 30 percent drop in jobs in U.S. oil and gas upstream from its peak level in 2014 to its trough in 2016 was accompanied by only a marginal decrease in production.” U.S. oil production has remained robust even as crude oil prices […]