Posted January 16, 2013
A recent PricewaterhouseCoopers study reveals some important numbers about the U.S. oil and natural gas industry, in terms of employment, labor income and value added in 2011:
- Industry supported 9.6 million jobs.
- More than $580 billion was paid in labor income, and industry’s estimated total addition to U.S. GDP was $1.1 trillion, accounting for 7.3 percent of the national total.
- Industry invested about $292 billion in capital expenditures and paid out $28.7 billion in dividends to the real owners of America’s oil and natural gas companies – including dividends paid to retirement plans.
Posted January 11, 2013
U.S. Chamber of Commerce President and CEO Tom Donohue in his annual State of American Business address, rightly identifying American-made energy as a critical to broad economic recovery and to solving the nation’s fiscal problems:
“Today, 23 million Americans are unemployed, underemployed, or have stopped looking for work. A record 47 million people are poor enough to be on food stamps. Median family income has dropped to 1995 levels—so we’re going backward. … From top to bottom we need more success in America. We need to nurture success, empower it, reward it, and celebrate it. … Proceeding swiftly and responsibly to develop more American energy can help us immeasurably with our fiscal problems, but it can also do so much more for our country.”
Posted January 9, 2013
The U.S. Energy Information Administration’s Short-Term Energy Outlook released this week contains two important crude oil stats:
- U.S. domestic production is expected to continue growing rapidly over the next two years, from an average of 6.4 million barrels per day (bbl/d) last year to 7.3 million bbl/d in 2013 and 7.9 million bbl/d in 2014. Much of the production growth will come from drilling in tight plays in the Williston (North Dakota and Montana), Western Gulf and Permian basins (Texas).
- U.S. liquid fuel imports, including crude oil, are expected to decline to an average of 6 million bbl/d by 2014. EIA says the net import share will average 32 percent in 2014 “because of continued substantial increases in domestic crude oil production.”
Posted January 8, 2013
The state of American energy in 2013 could be summed up in a word: opportunity – the opportunity to develop America’s vast energy wealth to make our lives better, to grow our economy and to make our country safer, from an energy standpoint and overall.
Posted January 3, 2013
Kevin Bullis, MIT Technology Review’s senior editor for energy, has a piece noting that the most significant advances in the energy field the past year resulted from surging natural gas and oil production from shale via hydraulic fracturing – an impact Bullis says is unlikely to be unsurpassed by other energy sectors in the near future:
Posted December 28, 2012
Posted December 13, 2012
Posted December 11, 2012
Posted December 4, 2012
Two pieces of good employment news in a new analysis of job opportunities in the oil and natural gas industry’s upstream (pre-refinery) sector:
- With the implementation of pro-energy development policies, including opening new resource areas for drilling, the upstream part of the industry could create more than 500,000 new jobs by 2020 and more than 800,000 by 2030, according to IHS Global Insight.
- More oil and natural gas jobs offer a great employment opportunity for African American and Latino workers. IHS projects that 166,000 or 31 percent of the new oil and gas upstream jobs created by 2020 could be held by African Americans and Latinos. Of new upstream jobs created by 2030, more than 285,000 (35 percent) could be held by African Americans and Latinos.
Posted December 3, 2012