Oil Workers Wages Climb IN US

Oct 11th

NEW YORK - Big pay hikes in the energy industry have helped fuel the biggest jump in U.S. wages in more than five years, according to an industry report released Wednesday.

PayScale, which analyzes data from more than 10 million U.S. workers, reported that workers in the mining, oil and gas exploration industry have seen their pay increase by an average of 4.9% over the past 12 months and that has helped to push the average U.S. worker's paycheck 3% higher over the same period.

That's the biggest increase since PayScale began monitoring compensation in early 2007. After languishing at or below 1% for 12 straight quarters beginning in the spring of 2009, wages have recorded strong gains the past six months.

"The pay picture is brighter than it has been for a while," said Katie Bardaro, lead economist for PayScale. "The increases seem to be accelerating."

After a brief slowdown in oil and gas exploration early in the recession, there has been a boom in the field. Drilling companies are flocking to places like North Dakota and the Northeast and prices at the pump have skyrocketed, nearly tripling since 2008.

Source:CNNMoney