The oil and natural gas industry is the backbone of the American economy and what happens in the industry reverberates throughout the entire economy. That’s because the industry supports more than 9 million American jobs and makes significant economic contributions as an employer and purchaser of American goods and services. In 2009, the most recent year for which data is available, the industry supported a total value added to the national economy of more than $1 trillion or 7.7 percent of the U.S. gross domestic product.
The oil and natural gas industry currently supplies more than 60% of the nation's total energy demands and more than 99% of the fuel used by Americans in their cars and trucks. This study was prepared for API by PricewaterhouseCoopers LLP.