Vermont Business MagazineThe impact the oil and natural gas industry has on local economies is closely associated with population. Not surprisingly, Vermont has the smallest such economy. It also has no production, but does have sales and distribution. The total value of the industry here is just under $1 billion, according to a new study. The outlier inthe report is Wyoming, which has the smallest population in the US (Vermont is second smallest), but is the fourth largest producer of natural gas and seventh in oil, and, surprisingly, has by far the most coal production.
API hasreleased a new studyshowing that the natural gas and oil industry supported 10.3 million USjobs and added$1.3 trillionto the nation's economy in 2015. The study found that jobs supported by the industry increased by 500,000 since 2011 and showed that all 50 states, whether producing or non-producing, continued to benefit from the industry.
"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 API President and CEOJack Gerard. "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."
"Policies that promote the responsible development of our nation's vast energy resources aren't solely economic, but also further U.S. security and environmental stewardship. Increased use of clean-burning natural gas for power generation and technology innovations have reduced U.S. greenhouse gas emissions to near 30-year lows today," Gerard added.
The study, conducted by PricewaterhouseCoopers (PwC) and commissioned by API, showed that the natural gas and oil industry supported 10.3 million U.S. jobs in 2015. According to the Bureau of Labor Statistics, the average wage paid by the natural gas and oil industry, excluding retail station jobs, in 2016 was$101,181which is nearly 90 percent more than the national average.
The natural gas and oil industry has widespread impacts in each of the 50 states. See table below.
|
State |
Jobs |
Value added |
State |
Jobs |
Value added |
|
Alabama |
86,400 |
$8.8b |
Montana |
39,500 |
$4.8b |
|
Alaska |
45,300 |
$15.7b |
Nebraska |
81,200 |
$9.2b |
|
Arizona |
95,300 |
$8b |
Nevada |
44,900 |
$4b |
|
Arkansas |
76,000 |
$8.1b |
New Hampshire |
24,100 |
$2.2b |
|
California |
730,600 |
$119.6b |
New Jersey |
142,200 |
$20.9b |
|
Colorado |
232,900 |
$31.3b |
New Mexico |
90,100 |
$12.8b |
|
Connecticut |
54,500 |
$7.2b |
New York |
258,500 |
$35.7b |
|
Delaware |
15,700 |
$2.3b |
North Carolina |
141,500 |
$13.4b |
|
D.C. |
11,800 |
$2.1b |
North Dakota |
78,700 |
$11.7b |
|
Florida |
266,800 |
$22b |
Ohio |
262,800 |
$37.9b |
|
Georgia |
142,700 |
$13.6b |
Oklahoma |
379,100 |
$51.7b |
|
Hawaii |
19,100 |
$2.3b |
Oregon |
57,500 |
$5.3b |
|
Idaho |
26,300 |
$1.8b |
Pennsylvania |
322,600 |
$44.4b |
|
Illinois |
234,600 |
$33.3b |
Rhode Island |
15,200 |
$1.8b |
|
Indiana |
120,400 |
$14.8b |
South Carolina |
67,600 |
$5.2b |
|
Iowa |
83,200 |
$6.9b |
South Dakota |
22,500 |
$1.6b |
|
Kansas |
128,700 |
$12.1b |
Tennessee |
106,600 |
$10.5b |
|
Kentucky |
80,200 |
$7.8b |
Texas |
1,985,200 |
$326.3b |
|
Louisiana |
291,200 |
$50.7b |
Utah |
66,800 |
$7.4b |
|
Maine |
29,200 |
$2.2b |
Vermont |
13,900 |
$991.7m |
|
Maryland |
72,500 |
$7.8b |
Virginia |
125,500 |
$11.9b |
|
Massachusetts |
102,600 |
$12.5b |
Washington |
98,500 |
$12.8b |
|
Michigan |
159,100 |
$14.5b |
West Virginia |
70,900 |
$8b |
|
Minnesota |
117,400 |
$14.2b |
Wisconsin |
98,200 |
$8.3b |
|
Mississippi |
81,600 |
$7.8b |
Wyoming |
57,500 |
$8.9b |
|
Missouri |
117,500 |
$10.4b |
*The industry's capital investment impact of 2.3 million jobs supported,$134 billionof labor income, and$220 billionof the industry's impact on GDP is not quantified at the state level due to the non-availability of capital expenditure data at the state level.
- Texas—7.07 Tcf (26%)
- Pennsylvania—4.76 Tcf (18%)
- Oklahoma—2.34 Tcf (9%)
- Wyoming—1.75 Tcf (6%)
- Louisiana—1.74 Tcf (6%)
Oil Production
- Texas
- North Dakota
- California
- Alaska
- Oklahoma
To view the full study,please visit the API website.
To view a one-pager on the study, please see the attached document orvisit the API website.
To learn me aboutjobs in the industry,including opportunities for veterans, please visitthe API website.
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 10.3 million U.S. jobs and nearly 8 percent of the U.S. economy. API's more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation's energy and are backed by a growing grassroots movement of more than 40 million Americans.
SOURCE: WASHINGTON,Aug. 1, 2017/PRNewswire-USNewswire/ --American Petroleum Institutehttp://www.api.org/