Jane Van Ryan
Posted October 28, 2010
When you think about it, all of us in some way are connected to the oil and natural gas industry, and its impact on the U.S. economy is massive.
Did you know that the oil and natural gas industry supports 7.5 percent of U.S. Gross Domestic Product (GDP)? From the 9.2 million Americans whose jobs are supported by the industry, to the millions more who are invested in oil companies through IRAs, mutual funds and pension funds, American families, business and the U.S. economy have a stake in the success of the oil and natural gas industry.
Yet despite all of this, there are some in Congress who are calling to increase taxes on the industry even though the industry pays an effective tax rate of 48.4 percent--almost double other S&P Industrials. As we recover from a significant economic recession, higher taxes on an industry poised to be a part of the solution would have a devastating effect on our economy.
Tell us what you think. In what way are you connected to the oil and natural gas industry? What industry facts that you've heard have surprised you?
Additional information can be found below in the Industry Fast Facts guide:
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