Posted July 21, 2015
Our series highlighting the economic and jobs impact of energy in each of the 50 states continues today with Texas. This week started with Maine and the series began with Virginia on June 29. All information covered in this series can be found online here, arranged on an interactive map of the United States. State-specific information across the country will be populated on this map as the series continues.
As we can see with Texas, the energy impacts of the states individually combine to form energy’s national economic and jobs picture: 9.8 million jobs supported and $1.2 trillion in value added.
The top-line numbers: 1,938,700 jobs supported statewide, according to PwC; $308 billion added to the state economy; $144 billion contributed to the state’s labor income. All are significant drivers for the state’s economy.
Page 2 of the document highlights that, in Texas, EPA proposed ozone regulations could cost the state’s economy more than $47.5 billion between 2017 and 2040 and place more than 181,000 jobs at risk, according to a study by NERA Economic Consulting.
Energy is critically important to Texas, serving as a key engine for the state economy – expanding job opportunities and offering the hope of prosperity to individual Texans and their families.
The future benefits of energy for Texas – and the rest of the country – largely depend on national decisions on the country’s energy path. A new Wood Mackenzie study contrasts the benefits that a set of pro-development policies could have on energy supplies, jobs, the economy and American households with the likely negative effects on energy of regulatory constrained policies. The key comparisons are found on the first page of the linked document.
Energy is essential for all facets of our daily lives, from powering national, state and local economies to powering the family vehicle. Safe, responsible development of domestic oil and natural gas resources is linked to individual prosperity, energy security and basic liberties.
ABOUT THE AUTHOR
Reid Porter is a spokesman for the American Petroleum Institute. Before joining API, he worked as Account Supervisor at Edelman. Porter double majored in English Literature and the Spanish language at Middlebury College in Vermont. He enjoys traveling, cheering for the Green Bay Packers, soccer, rereading Hemingway novels and spending time with family.