Americans have been experiencing the advantages of the U.S. energy revolution every time they fill up their gas tanks or pay their heating and electric bills. But the economic benefits of natural gas and oil production begin well before the end products reach consumers. It takes a vast, multi-industry supply chain to produce and deliver American energy, and that means jobs. From exploration and production, to pipeline construction, refineries, and businesses that provide service and supplies for all those activities and more, the economic impact of the oil and natural gas industry reaches all 50 states.
We worked with respected consulting firm PwC to analyze that impact, including direct, indirect and induced effects. The results, based on 2015 data, are staggering.
As of 2015, the U.S. natural gas and oil industry:
- Supports 10.3 million or 5.3 percent of U.S. jobs — up from 9.8 million jobs in 2011
- Adds $1.3 trillion to the U.S. economy
- Supports an additional 2.7 jobs in the U.S. economy for every direct job in the oil and natural gas industry
- Generates more than $714 billion or 6.7 percent of total U.S. labor income
States don’t have to be major energy producers to reap the benefits of U.S. energy. Oil and natural gas are ubiquitous throughout the economy as a source of electricity, fuel and manufacturing feedstock for everyday products, from life-saving medical devices to cosmetics at the drug store, from plastics in our toys and cell phones to 3-D printers. By having helped reduce power and materials costs for manufacturers, abundant oil and natural gas have spurred economic activity across a range of job sectors in every state.
The report confirms that the oil and natural gas industry is a major engine of economic growth, and the right policies can keep that engine running strong.
By unlocking more areas to safe oil and natural gas exploration, building the infrastructure needed to transport energy to homes and businesses, and implementing smart tax and regulatory policies, policymakers can deliver the economic progress the American people seek
From - API.org - by Jack Gerard, President and CEO