Now he’s been forced to close his doors and let his workers go. His business was a victim of the plunge in oil prices, caused by a severe dropoff in demand during the Covid-19 pandemic and price war sparked by Saudi Arabia and Russia. Immediately after the Dow crashed more than 2,000 points on March 9, Bound lost half a million dollars in active jobs.
“It’s kind of a slow death. You know, you start laying people off and finishing up the work you have and hoping the phone would ring,” he said. The Petroleum Equipment & Services Association estimates 103,420 jobs have been lost since the pandemic started, as dozens of producers and service providers have gone out