Energy Tomorrow Blog
Study: Industry’s Broad Shoulders Support U.S. Economic Recovery
jobs economic growth gdp oil and natural gas jobs
Mark Green
Posted July 20, 2021
Natural gas and oil are the energy foundation for U.S. economic growth, job creation and the opportunity for Americans to prosper all across the country. This is seen in a new analysis of our industry’s economywide and countrywide impacts: 11.3 million jobs supported in 2019 across all 50 states and the District of Columbia – generating 3.5 additional jobs elsewhere in the economy for each direct industry job, accounting for 5.6% of total U.S. employment; supported nearly $1.7 trillion to U.S. gross domestic product, or nearly 8% of the national total; supported nearly $900 billion in labor income or 6.8% of U.S. national labor income.
The analysis by PwC commissioned by API is based on the latest available government data (2019). Like other industry and business sectors, our industry was hard hit by the economic effects of the 2020 pandemic, but the 2019 data – generated during a period of robust U.S. growth, indicates the importance of the natural gas and oil industry post-pandemic, as the U.S. and global economies and petroleum demand ramp up. The U.S. Energy Information Administration projects (EIA) that 2022 global oil and liquid fuels demand will eclipse 2019 levels.
Given EIA’s forecast, it’s critically important that national policy supports – and doesn’t hinder – domestic natural gas and oil production.
The Unforced Error of Trade Policies That Impede the Economy
economic growth gdp trade consumers exports
Mark Green
Posted February 8, 2019
The nonpartisan Congressional Budget Office’s new report, “The Budget and Economic Outlook: 2019 to 2029,” says what we’ve been saying for some time now – the administration’s tariff policies are a drag on the broader economy.
CBO projects that “the recent changes in trade policy in the United States and its trading-partner countries will reduce the level of U.S. real GDP by about 0.1 percent by 2022
Now, 0.1 percent might not sound like a lot over that time period, but potentially we’re talking about hundreds of billions of dollars subtracted from the economy. Dean Foreman, API chief economist, says it’s particularly concerning in the context of an economy that’s decelerating.
Study: Industry Supports 10.3 Million U.S. Jobs
jobs oil and natural gas economic impacts gdp
Mark Green
Posted August 1, 2017
The United States leads the world in natural gas and oil production, thanks to vast energy reserves and advanced technologies, such as hydraulic fracturing and horizontal drilling, and also the work of natural gas, oil and refining sectors that supply Americans’ daily needs and increase our security while boosting the broader economy and advancing climate goals. This economic heft is clear in a new PwC study showing that the natural gas and oil industry supported 10.3 million U.S. jobs in 2015 – up 500,000 since 2011– while adding $1.3 trillion to the national economy or about 7.6 percent of U.S. GDP. Importantly, industry’s economic lift extends to all 50 states, PwC found, energy producers and non-producers.
State Benefits From Lifting Oil Export Ban
crude oil exports economic growth gdp jobs
Mark Green
Posted December 8, 2015
The economy-wide arguments in favor of lifting America’s 40-year-old ban on crude oil exports are detailed in a number of recent studies. Some of ICF International’s numbers: up to 300,000 additional jobs in 2020 when crude exports are allowed; up to a $38 billion increase in U.S. GDP in 2020; $5.8 billion in estimated reduced consumer fuel costs per year, on average, 2015-2035; $15 billion to $70 billion of additional investments in U.S. exploration, development and production, 2015-2020; and a $13.5 billion increase in federal, state and local tax receipts attributable to GDP increases from expanding crude oil exports in 2020.
The economic boost is state and local as well. A study of the state-by-state impacts of lifting the crude oil export ban by ICF and EnSys Energy shows the economies in nearly every state would receive a boost in 2020, with nine state’s economies increasing by more than $1 billion. In addition, 18 states would gain more than 5,000 jobs each in 2020, according to the study.
More Taxes Jeopardize American Oil and Natural Gas Development
domestic energy economic growth energy policy gasoline prices gdp oil and natural gas industry prices state of american energy taxes brazil saudi arabia
Jack Gerard
Posted May 3, 2011
Benefits of Canadian Oil Sands Development
canada canadian oil sands gdp oil sands saudi arabia
Jane Van Ryan
Posted March 1, 2011
Higher Ozone Standards Threaten Jobs
domestic energy energy policy environmental protection agency epa gdp manufacturers alliance over regulation ozone standards
Jane Van Ryan
Posted September 22, 2010