I was a Petroleum Engineering graduate in 1985. When I went into the program, the 1981 graduates had at least 5 job offers, and the only question they had was whether they wanted to make HUGE money with the Wildcatters, or enjoy the stability of the Big Oil companies.
By the time I graduated in 1985, I was lucky to get a job as a cleaner-painter on a Drilling Rig. The price of oil went from about $60/bbl in 1981 to $11/bbl in 1986.
Now the prices are going back up again. I think it'd be better if they simply offered some petroleum classes within the Chemical Engineering department.
My sister in law graduated from MSU in PE either 84 or 85. She moved to Dallas right when the bottom fell out of oil. She ended up going to UT and getting a pharmacy degree.
MSU needs to try and qualify as one of the "core" schools for petroleum engineering. Once you qualify as a core school it's basically a pipeline, no pun intended, into the oil majors. Would definitely not hurt in the donation department down the road. You can make a killing working offshore but you gotta roughneck it to move up. I know engineers in Alaska that are 23-24 making and easy 125k not including bonuses and God knows what benefits. If I had kids going into college I'd try my damnedest to steer them that way.