Oil & gas industry accounts for 7.6% of U.S. GDP

by Talk Business & Politics staff (staff2@talkbusiness.net) 57 views 

The number of U.S. workers in the natural gas and oil industry rose 500,000 to 10.3 million, between 2011 and 2015, accounting for 5.6% of total U.S. employment, according to the American Petroleum Institute. In 2015, the industry contributed $1.3 trillion to the U.S. economy or 7.6% of GDP, and all states, whether they are producing, have benefitted from it.

The industry’s impact on the U.S. economy was shown in a study commissioned by API, and PricewaterhouseCoopers completed it. API announced the release of the study Tuesday (Aug. 1).

“This study validates the role of the natural gas and oil industry in growing the U.S. economy and supporting more than 10 million workers from coast-to-coast,” said Jack Gerard, president and CEO of API. “Natural gas and oil touches virtually every facet of our life — from heating our homes and fueling transportation to life-saving medical devices and cosmetics at the drug store. This study is further proof of the positive impact that U.S. resources have on workers and communities across the nation.”

In 2016, the average employee who works in the industry, excluding retail station jobs, earned $101,181, which is about 90% more than the national average, according to the Bureau of Labor Statistics.

In Arkansas, 76,000 people work in the industry, and it has contributed $8.1 billion to the economy. In Texas, 1.98 million people work in the industry, and it has contributed $326.3 billion to the economy.

Click here to read the study.

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