Petroleum engineers develop methods for extracting oil.
Petroleum engineers specialize in extracting oil and gas from under the earth. They locate suitable deposits with the help of geologists, determine the drilling methods and supervise the drilling process. A bachelor's degree is a minimum requirement. The top earners in this profession can make almost three times the amount earned by the bottom 10 percent.
Basics
The Bureau of Labor Statistics says that as of May 2009, the median salary for petroleum engineers is $52.36 per hour or $108,910 per year, with the bottom 10 percent making $28.17 or $58,600 and the top 10 percent earning more than $80 or $166,400 per year.
Industries
The employing industry affects salaries. The top five for petroleum engineers are office administrative services, with wages of $70.41 or $146,460; employment services, with wages of $67.94 or $141,320; scientific research and development services, with wages of $62.83 or $130,680; basic chemical manufacturing, with wages of $61.73 or $128,390; and pipeline transportation of crude oil, with wages of $61.47 or $127,850.
States
The state in which the job is performed determines salaries. The top five for this job are Arkansas with compensation at $86.61 or $180,150; North Dakota with compensation at $78.39 or $163,060; Alaska with compensation at $74.28 or $154,500; Colorado with compensation at $65.70 or $136,650; and California with compensation at $61.97 or $128,890.
Cities
The city of employment can decide income. This profession's highest-paying are Fort Smith, Arkansas, with salaries at $96.09 or $199,860; Anchorage, Alaska, with salaries at $80.80 or $168,060; College Station, Texas, with salaries at $70.21 or $146,040; Denver, Colorado, with salaries at $69.61 or $144,780; and Bakersfield, California, with salaries at $65.45 or $136,130.
Employment Levels
The areas with the most employment are not always the best payers. For example, the industries with the greatest employment levels are oil and gas extraction, with wages of $60.62 or $126,090; and mining support, with wages of $49.13 or $102,190. None of these are ranked in the top five for pay. The states with the highest concentrations of petroleum engineers are Alaska, also a high-paying state, and Wyoming, which is not one of the top payers, with wages of $37.34 or $77,670. The cities with the biggest concentration of workers are Midland, Texas with compensation at $59.89 or $124,570; and Casper, Wyoming with compensation at $40.00 or $83,200. None of these are ranked at the top for salaries.
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