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The Economic Impacts of the Oil and Natural Industry on the U.S. Economy

The Economic Impacts of the Oil and Natural Industry on the U.S. Economy

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Published by Energy Tomorrow
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 2007, 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 7.5 percent of the U.S. gross domestic product.
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 2007, 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 7.5 percent of the U.S. gross domestic product.

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Published by: Energy Tomorrow on Sep 23, 2009
Copyright:Attribution Non-commercial No-derivs

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11/09/2012

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Labor ValueIncome
2
 Added
3
IndustryEmployment
1
($ millions)($ millions)
Direct Impact
4
of the Oil and Natural Gas Industry2,192,392$176,305$464,574Indirect
5
and Induced Impacts
6
on Other Industries6,968,174357,243617,126
Services3,428,418163,555199,089Wholesale and Retail Trade1,077,41050,34185,054Finance, Insurance, Real Estate, Rental and Leasing894,91440,987162,172Manufacturing593,14942,89975,511 Transportation and Warehousing300,58215,07321,063Other237,74215,94817,876Information150,40713,75427,767Construction131,6146,4817,795Agriculture106,7423,0404,169Utilities31,1374,03713,854Mining16,0621,1292,776
 Total Impact9,160,566$533,548$1,081,701 As a % of U.S. Total5.3%6.0%7.7%
The oil and natural gas industry is the backbone of the American economyand what happens in the industry reverberates throughout the entire economy.
That’s because the industry supports more than 9 million American jobs and makessignificant economic contributions as an employer and purchaser of American goodsand services. In 2009, the most recent year for which data is available, the industrysupported a total value added to the national economy of more than $1 trillion or7.7 percent of the U.S. gross domestic product.
Source: PricewaterhouseCoopers calculations using IMPLAN modeling system (2009 database).Numbers may not add to totals due to rounding.2011-119 | June 2011
Learn more at
www.api.org
People
TheIndustry are the Backbone of Our Economy.
Congress is considering new taxes and fees on the oil and natural gas industry.With America just beginning to recover from the worst economic recession since theGreat Depression, now is not the time to impose new taxes and fees on the nation’soil and natural gas industry. Increasing taxes could wipe out American jobs and hurtAmerican businesses. The primary industries and jobs most at risk are shown below.
of the U.S. Oil and Natural Gas
The Economic Impacts of the Oil and Natural Gas Industry on theU.S. Economy in 2009 by Industry
1 Employment is defined as the number of payroll and self-employed jobs,including part-time jobs.2 Labor income is defined as wages and salaries and benefits as well asproprietors’ income.3Value added refers to the additional value created at a particular stageof production. It is a measure of the overall importance of an industry.Value added consists of: employee compensation, proprietors’ income,income to capital owners from property, and indirect business taxes.4 Direct impact is measured as the jobs, labor income, and value addedwithin the oil and natural gas industry.5 Indirect impact is measured as the jobs, labor income, and value addedoccurring within other industries that provide goods and services to theoil and natural gas industry.6 Induced impact is measured as the jobs, labor income, and value addedresulting from household spending of income earned either directly or indirectly from the oil and natural gas industry’s spending.

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