The US oil and natural gas industry supports 9.2 million American jobs and 7.7% of the US economy, according to a new study commissioned by API and conducted by PriceWaterhouseCoopers LLP (PwC).
API president and CEO Jack Gerard said the president and Congress should keep the study’s findings in mind as they debate greater access to domestic oil and natural gas and higher taxes on energy.
‘Increasing energy taxes raises costs for businesses, which may impact consumers, and it threatens the 9.2 million jobs our industry supports,’ Gerard said. ‘Higher taxes would also depress energy production over the longer term, reducing royalties and income taxes collected by the government.’
The new report updates data from a previous report and shows that, between 2007 and 2009, the economic activity supported by the industry actually increased in size as a percentage of US GDP, from 7.5 to 7.7%.
‘The people of the US oil and natural gas industry are the backbone of our economy,’ Gerard said. ‘They provide most of the nation’s energy, spurring job growth across America. Even during times of economic recession, the oil and natural gas industry stands strong.’
The economic impact of the oil and natural gas industry reaches all 50 states and the District of Columbia, according to the study. The top 15 states in percentage of jobs supported by the industry in 2009 were Wyoming, Louisiana, Texas, Oklahoma, Alaska, North Dakota, New Mexico, West Virginia, Delaware, Kansas, Montana, Mississippi, Colorado, Arkansas and Utah.