The thing to remember here is that these November figures came before OPEC's agreement injected some optimism into oil prices (and the onset of winter did the same for natural gas). So when the December data come in at the start of February, wages should represent an even lower proportion of revenue.
U.S. Oil Sector's Wage Bill in November
13% of Revenue
There are still clouds on the horizon. Natural gas prices have dropped sharply so far in January as winter hasn't been as cold as expected. And the broader wage inflation seen in Friday's employment data adds one more reason for interest rates to rise further, sooner. This puts pressure on emerging markets and, by extension, oil demand.
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