The People of America's Oil and Natural Gas Indusry

Thriving Energy Industry Means a Thriving Economy

Mary Leshper

Mary Schaper
Posted October 27, 2014

Study: Oil and Natural Gas Drilling Activities Provide Major Economic Stimulus for U.S.

Rigzone: The economic benefits to the United States from the energy industry have more than doubled in just the past ten years, even after accounting for inflation, according to a new study by The Perryman Group. The growth in the industry is worth about $1.2 trillion in gross product each year, the study noted, adding that the growth in the oil and gas industry since the economic recession has been “dramatic.” In fact, since the start of the economic recovery, the energy industry has contributed about 30 percent of the total job growth for the nation, Dr. Ray Perryman, president and CEO of The Perryman Group, said.

While it is generally recognized that a thriving oil and gas sector helps to create new jobs within and outside of the energy sector, it is less well-recognized just how important the industry is to overall employment. However, the study shows just how large a role the energy industry plays in the number of new jobs in the country.

When the multiplier effect was added to the number of jobs directly generated by upstream activity in the industry, there were 9.3 million jobs – or 7 percent of the overall economy – generated in the United States, according to The Perryman Group study. That is about 7 percent of the overall economy.

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ABOUT THE AUTHOR

Mary Schaper is a Digital Communications Manager for the American Petroleum Institute. She previously worked on Capitol Hill for the Senate Energy and Natural Resources Committee as Digital Director and for Senator Lisa Murkowski. Before coming to D.C., she spearheaded digital strategy for Murkowski's successful Senate write-in campaign in 2010. Schaper enjoys traveling and taking in the local culture alongside her husband, their son and loyal springer spaniel.