The oil and gas industry is a major contributor to the health of the American economy and various state economies around the nation. The oil and gas statistics below, collected from various sources, highlight the positive economic impact of hydrocarbon production.
- Oil, natural gas, and coal provide 80% of American energy (source: U.S. Department of Energy).
- Every year, an American family of four saves around $2,500 as a direct result of oil and gas accessibility (source: Pro-Gas Services, LLC).
- In 2021, the U.S. oil and gas industry supported 10.8 million total jobs or 5.4% of total U.S. employment (source: American Petroleum Institute).
- It generated an additional 3.7 jobs elsewhere in the U.S. economy for each direct job in the natural gas and oil industry (source: American Petroleum Institute).
- The oil and gas industry produced $909 billion in labor income, or 6.4% of the U.S. national labor income (source: American Petroleum Institute).
- It supported nearly $1.8 trillion in U.S. gross domestic product, accounting for 7.6% of the national total (source: American Petroleum Institute).
- Fiscal Year 2022 was a record-breaking, blockbuster year for the Texas oil and natural gas industry, which contributed $24.7 billion in state and local taxes and state royalties (source: Texas Oil and Gas Association).
- The revenue from Texas oil and natural gas production, pipelines, refineries and LNG facilities translates into about $67 million each day that pay for the state’s schools, universities, roads, first responders and essential services (source: Texas Oil and Gas Association).
- Texas: The oil and gas industry generates $454.5 billion for the state’s economy (source: American Petroleum Institute).
- California: Generates $217.1 billion for the state’s economy (source: American Petroleum Institute).
- Pennsylvania: Generates $75.0 billion for the state’s economy (source: American Petroleum Institute).
- New York: Generates $70.1 billion for the state’s economy (source: American Petroleum Institute).
- Oklahoma: Generates $57.5 billion for the state’s economy (source: American Petroleum Institute).
- Ohio: Generates $55.5 billion for the state’s economy (source: American Petroleum Institute).
- Illinois: Generates $55.3 billion for the state’s economy (source: American Petroleum Institute).
- Louisiana: Generates $54.3 billion for the state’s economy (source: American Petroleum Institute).
- Florida: Generates $53.1 billion for the state’s economy (source: American Petroleum Institute).
- Colorado: Generates $48.7 billion for the state’s economy (source: American Petroleum Institute).
- The U.S. trade deficit in 2019 was $305 billion lower than it would have been without domestic oil and natural gas production (source: U.S. Department of Energy).
- Oil and gas contributions made up roughly 35% of New Mexico’s state budget in 2021, clocking in at a total of $2.9 billion (source: NTG Environmental).
- In New Mexico, oil and gas contributed over $1.4 billion to public education. Roughly $991 million went toward K-12 education and about $262 million contributed toward higher education (source: NTG Environmental).
- By 2040, [“tight” rock formations like shale] and other technology-driven sources of oil and gas are expected to meet about one-fifth of the world’s energy needs (source: XTO Energy).
- Between 2012 and 2025, the oil and gas industry is projected to provide $1.6 trillion in federal and state tax revenue, supporting the maintenance of schools, hospitals, and public infrastructure across the country (source: U.S. Department of Energy).
- Texas: The oil and gas industry directly supports 508,000 jobs (source: PwC Economic Impact Report).
- California: Directly supports 160,000 jobs (source: PwC Economic Impact Report).
- Oklahoma: Directly supports 101,000 jobs (source: PwC Economic Impact Report).
- Pennsylvania: Directly supports 93,000 jobs (source: PwC Economic Impact Report).
- Louisiana: Directly supports 92,000 jobs (source: PwC Economic Impact Report).
- Ohio: Directly supports 71,000 jobs (source: PwC Economic Impact Report).
By supporting millions of jobs and providing billions of dollars in tax revenue for essential public services, the American oil and gas industry is a vital part of the U.S. economy. TechTAC® – maker of the Slimline® Tubing Anchor Catcher – is proud to be part of this important industry.
