Higher Energy Prices Fuel Employment Rise in the Industry

Higher costs for fuel may be putting the pinch on many Americans' budgets, but the profits being generated from near-$4-a-gallon gasoline is driving a hiring boom within the energy industry.

Soaring quarterly profits at some of the nation's largest energy producers, including Halliburton, Baker Hughes and Schlumberger -- where profits from North American operations jumped sixfold in the three months ending in June -- have resulted in at least 17,200 new U.S. oilfield jobs during the quarter, reports The Wall Street Journal (subscription may be required).