Drilling Means 9.3 Million American Jobs
New Study by The Perryman Group Quantifies Economic Benefits of Oil and Natural Gas Exploration and Production for the United States and Selected Major Energy-Producing States
The total economic benefits of oil and gas exploration and development activity (including multiplier effects) are estimated to include almost $1.2 trillion in gross product each year, as well as more than 9.3 million permanent jobs in the United States.
“When you include the ripple effects through the economy, oil and natural gas exploration and production supports nearly 7% of the US economy,” said Dr. Ray Perryman, president and CEO of The Perryman Group.
The resurgence of the oil industry over the past few years has been dramatic. Production levels have reached totals not seen since the late 1980s and continue to increase. In 2012, total US production was almost 2.4 billion barrels, with 2013 rising to more than 2.7 billion. It appears that the United States will be the world’s leading producer by the end of 2014. Although the United States still relies on imports to meet about 40% of crude oil needs, the increase in domestic supplies has helped reduce dependency on foreign oil and improve the US trade situation.
“While changing market conditions will lead to cycles in the industry,” said Dr. Perryman, “the oil and gas industry will be a driver of substantial economic activity for many years to come.”