Posted December 23, 2013
Every now and then we see items questioning the economic impact of domestic oil and natural gas development from a jobs standpoint. As we’ve pointed out, industry’s benefit to the country isn’t measured just in direct oil and natural gas employment. Its positive impact must be seen in jobs and economic activity that otherwise wouldn’t exist, as well as benefits to consumers. More supporting evidence:
Investment – A new API survey on drilling costs found that about $153.7 billion was invested in drilling in 2012, a 23.1 percent increase over 2011.
Posted December 13, 2013
There’s much to mine from ExxonMobil’s 2014 energy outlook, but here’s a quick analysis: In a world of increasing energy demand, the future looks brightest for countries that have significant energy reserves, modern industries that can find and produce from those reserves and policies that allow them to be major players in the global marketplace. For the United States that would be check, check and … check back later.
ExxonMobil’s William Colton and Kenneth Cohen highlighted the annual report that looks to global energy demand and supply out to the year 2040. Key projections and charts:
Demand – The world’s energy demand is expected to increase 35 percent over 2010 levels by 2040. Most of the demand growth will come from the developing world. ExxonMobil projects flat demand growth in developed nations despite expanding economies due to technology and energy-use efficiencies.
Posted December 13, 2013
Last week we posted on a new study showing tremendous economic and energy benefits to opening the U.S. Atlantic Outer Continental Shelf (OCS) to offshore oil and natural gas development. The folks at the National Ocean Industries Association have a video out that captures the study’s highlights in a little over a minute.
Posted December 6, 2013
Say Anything Blog’s Rob Port has a suggestion for workers in different parts of the country who are dissatisfied with how much they’re earning in their present jobs: Come to North Dakota.
As Port and economics/energy blogger Mark J. Perry point out, North Dakota’s thriving economy, driven largely by surging oil and natural gas development (thanks, fracking!), is producing outrageously low unemployment – and rigorous competition for workers. You don’t have to be Milton Friedman to recognize that economic growth + worker demand = growing wages.
Posted December 5, 2013
America’s oil and natural gas industry is a top job creator – hence its total employment impact of 9.8 million jobs or 5.6 percent of total U.S. employment, according to PwC. That’s jobs in the industry itself and jobs that exist because of industry activity and investments. In a fair discussion of our industry’s ability to generate jobs and paychecks that benefit millions of Americans, basic economic s teaches that they all count.
Some seem to miss that last point. A Washington Post Wonkblog piece focuses narrowly on jobs in industry and industry support activities. Yet, we know from North Dakota, Texas and other states that oil and natural gas activity is fueling employment across a variety of sectors – employment that would be much smaller or non-existent without energy development. PwC found that for each direct oil and natural gas job, nearly three others were supported elsewhere in the U.S. economy.
Posted March 28, 2013
Posted March 27, 2013
Posted March 19, 2013
New York Post – Blueblood Agenda
Governor Andrew Cuomo has put natural-gas development on hold yet again, plainly thanks to the power of New York’s environmental lobby, writes Tom Shepstone. But the real issue has nothing to do with the supposed health concerns cited by the opponents of “fracking.” No, the delay has been engineered by some extremely powerful special interests — New York’s bluebloods —at the expense of the hopes of land-owning and blue-collar New Yorkers.
NBC News – Power Shift: Energy Boom Dawning in America
In a turnaround that industry insiders describe as nothing short of amazing, the U.S. energy picture has drastically changed. Oil and natural gas drilling is now booming in places like Texas’ Eagle Ford, and the Bakken formation in North Dakota, bringing jobs and prosperity to those regions.