Odd Lots Why It's So Hard to Get the Oil Taps Turned Back On
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Jun 20, 2022 
Peter Tertzakian, managing director at Arc Financial, discusses why oil production hasn't responded to soaring prices despite North America's ample supply. He highlights operational challenges like aging equipment and labor shortages, alongside cautious investor sentiment that stifles new projects. The conversation delves into the complexities of restarting dormant wells and the urgent need to engage a new generation in the energy sector. Tertzakian also touches on balancing the industry's current realities with the transition to renewable energy.
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Energy Talent Shortage
- The energy industry faces a talent shortage, worsened by an aging workforce nearing retirement.
- Higher commodity prices incentivize retirement, exacerbating the talent gap.
Declining Enrollment
- The energy industry is facing a talent shortage due to declining enrollment in petroleum engineering programs.
- Students are opting for tech careers, leaving a gap in essential expertise for resource extraction.
Drastic Enrollment Drop
- At the University of Calgary, petroleum engineering enrollment has drastically dropped.
- A faculty member reported only one enrolled student for the upcoming year, highlighting the severity of the shortage.