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The Economic Impacts of the Oil and Natural Gas Industry on the U.S. Economy in 2009

The Economic Impacts of the Oil and Natural Gas Industry on the U.S. Economy in 2009

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Published by Energy Tomorrow
This study details the oil and natural gas industry’s widespread economic impact throughout all sectors of the economy and across all 50 states –supporting more than 9.1 million jobs and 7.7 percent of U.S. GDP.
This study details the oil and natural gas industry’s widespread economic impact throughout all sectors of the economy and across all 50 states –supporting more than 9.1 million jobs and 7.7 percent of U.S. GDP.

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Published by: Energy Tomorrow on May 03, 2011
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11/12/2012

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 www.pwc.com/us/nes
THE ECONOMIC IMPACTS OF THE OIL AND NATURALGAS INDUSTRY ON THE U.S. ECONOMY IN 2009: EMPLOYMENT, LABOR INCOME, AND VALUE  ADDED
 
Prepared for
 American Petroleum Institute
 
 May 2011
 
 
The Economic Impacts of the Oil and Natural Gas Industry 
 
This document has been prepared pursuant to an engagement between PricewaterhouseCoopers LLP and itsClient. As to all other parties, it is for general information purposes only, and should not be used as asubstitute for consultation with professional advisors.
 
The Economic Impacts of the Oil and  Natural Gas Industry on the U.S. Economy in 2009: Employment, Labor  Income, and Value Added 
 
Table of Contents
 
EXECUTIVE SUMMARY E-1I. INTRODUCTION 1II. INDUSTRY DEFINITION 3III. TOTAL ECONOMIC IMPACT 6IV. ECONOMIC IMPACT BREAKDOWN: DIRECT, INDIRECT, ANDINDUCED IMPACTS 12 APPENDICES
 
 A. DETAILED STATE-BY-STATE OPERATIONAL IMPACT RESULTS A-1B. COMPARISON OF 2009 AND 2007 ECONOMIC IMPACTS B-1C. DATA SOURCES AND METHODOLOGY C-1
 
 
The Economic Impacts of the Oil and Natural Gas Industry 
 E-1
THE ECONOMIC IMPACTS OF THE OIL AND NATURALGAS INDUSTRY ON THE U.S. ECONOMY IN 2009:EMPLOYMENT, LABOR INCOME, AND VALUE ADDED
 EXECUTIVE SUMMAR
The oil and natural gas industry is the primary energy source for transportation and theproduction of other goods and services. The oil and natural gas industry currently supplies more than 60% of the nation's total energy demands and more than 99% of thefuel used by Americans in their cars and trucks.
1
 The American Petroleum Institute engaged PwC to quantify the direct, indirect, andinduced impacts of the U.S. oil and natural gas industry on the U.S. national and stateeconomies in terms of employment, labor income, and value added.
2
This report setsforth our estimates of the oil and gas industry's economic impacts in
2009
, the mostrecent year for which a consistent set of national and state-level data is available.
3
 The report's findings show that the oil and natural gas industry has a widespreadeconomic impact throughout all sectors of the economy and across all 50 states and theDistrict of Columbia. These impacts result directly from the employment and productionactivities occurring within the oil and gas industry, indirectly through the industry'spurchases of intermediate inputs and capital goods from a variety of other U.S.industries, and by the personal purchases of employees and business owners both withinthe oil and natural gas industry and out of the additional income in the supply chain tothe industry.In describing these economic impacts, this report considers three separate channels --the direct impact, the indirect impact, and the induced impact -- that in aggregateprovide a measure of the total economic impact of the oil and natural gas industry. The
direct impact 
is measured in terms of the jobs, labor income, and value added
within
 the oil and natural gas industry. The
indirect impact 
is measured in terms of the jobs,labor income, and value added occurring
throughout the supply chain
of the oil andnatural gas industry. The
induced impact 
is measured in terms of the jobs, laborincome, and value added resulting from
household spending
of income earned eitherdirectly or indirectly from the oil and natural gas industry's spending.This report quantifies the industry's
operational impact 
(due to its purchases of intermediate inputs) and
capital investment impact 
 
(due to its investment in new structures and equipment) at the national level. It further breaks out the industry's
1
http://www.api.org/aboutoilgas/ and http://www.energy.gov/energysources/oil.htm
2
 
 Value added refers to the additional value created at a particular stage of production. It is ameasure of the overall importance of an industry and represents the industry's portion of U.S.gross domestic product ("GDP"). Value added consists of: employee compensation, proprietors'income, income to capital owners from property, and indirect business taxes (i.e., those borne by consumers rather than producers).
 
3
 
PwC prepared a prior study for the American Petroleum Institute that quantified the economicimpacts of the oil and gas industry in 2007. See PwC,
The Economic Impacts of the Oil and  National Gas Industry on the U.S. Economy: Employment, Labor Income, and Value Added 
 (September 8, 2009). Appendix B of this study provides a brief comparison of results betweenthe reported economic impacts in 2009 and 2007.
 

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