Oil Field Losses

As the unemployment rises among oil and gas company employees, so does theft of equipment, and oil. John Chamberlain, executive director of the Energy Security Council told reporters, “You’ve got unemployed oilfield workers that unfortunately are resorting to stealing.” Crude oil siphoned from wells or holding tanks, expensive machinery, and vehicles are being taken from operations in oil and gas plays across the country. In 2013 industry losses to theft reached $1 billion and the figures are rising. Idled trucks, abandoned drilling sites, and reduced security forces are making it easier for out-of-work former employees and organized crime to steel valuable assets.