The economic benefits from America’s oil and natural gas industry are vast and undeniable - in 2011 the industry supported more than 9.8 million jobs, 600,000 more jobs than it supported just two years earlier. Oil and natural gas industry operations supported 8.4 million full- and part-time jobs nationally, while its capital investment supported another 1.4 million jobs. These jobs generated $597.6 billion in associated labor income — including wages, salaries, benefits and proprietors' income, and contributed $1.2 trillion in added value in the economy.
When America’s energy industry thrives, our country thrives. Energy growth equals economic growth. Today we face a far different energy future than was imaginable just a few years ago. An energy future in which the U.S. is the world’s largest producer of natural gas and could soon be the largest producer of crude oil. For the first time in generations, America’s path to true energy security seems clear. And if we get our energy policy right today, this could be just the beginning. America’s oil and natural gas industry could create 1.4 million more jobs in the coming years. Our political leaders need to unlock America’s untapped opportunities and allow the oil and natural gas industry do what it does best — be a creator of jobs and revenue while providing the energy Americans need.
|Industry||Employment1||Labor Income2 ($ millions)||Value Added3 ($ millions)|
|Direct Impact4 of the Oil and Natural Gas Industry||2,590,700||$203,591||$551,018|
|Indirect5 and Induced Impacts6 on Other Industries||7,242,600||$394,024||$658,372|
|Wholesale and Retail Trade||995,600||$44,676||$73,880|
|Finance, Insurance, Real Estate, Rental and Leasing||876,200||$45,526||$171,420|
|Transportation and Warehousing||286,500||$14,942||$20,501|
|Total Economic Impact||9,833,200||$597,615||$1,209,389|
|As a % of U.S. Total||5.6%||6.3%||8.0%|
Source: PWC, “Economic Impacts of the Oil and Natural Gas Industry on the US Economy in 2011,” July 2013, prepared for API using the IMPLAN input-output modeling system based on 2011 BEA data.
Numbers may not add to totals due to rounding.
Energy Tomorrow is a project of the American Petroleum Institute – the only national trade association that represents all aspects of America’s oil and natural gas industry – speaking for the industry to the public, Congress and the Executive Branch, state governments and the media.