Study: The oil and gas industry has supported 2.5 million jobs in Texas; 11.3 million nationally | state
(The Center Square) – Texas’ oil and gas industry supported more than 2.5 million jobs statewide in 2019, news Analysis found, contributing the most to the state’s GDP and total income of any industry.
Texas’ oil and gas industry contributed $ 411.6 billion to the state’s gross domestic product, including $ 251.2 billion to the state’s total labor income in 2019, according to the report.
The results show how the oil and gas industry plays an “indispensable role … in creating jobs and investments that benefit every community and all Texans,” said the president of the Texas Oil and Gas Association, Todd Staples, in a statement. The industry provides the “underlying socio-economic foundation for funding Texas public schools, universities and public infrastructure,” he added, contributing the most to school districts and higher education institutions in Texas. the state.
The industry will also serve as the foundation for long-term growth and prosperity in Texas, said Mike Sommers, president and CEO of the American Petroleum Institute, as long as policies remain in place to allow it to operate. develop.
“Texas’ economic outlook is better when we lead the world in power generation,” he said, reminding lawmakers “of what is at stake if policymakers restrict access to affordable energy. and reliable and make us more dependent on foreign sources. “
The 134-page report, which assessed the impact of the oil and natural gas industry on the Texas economy, was produced by PricewaterhouseCoopers (PwC). The report is based on the latest economic data available from several government agencies.
According to the results, in 2019, the industry directly and indirectly supported more than 2.5 million jobs (620,330 direct and 1,888,540 indirect), or 13.9% of total Texas employment. For every direct job in the oil and gas industry, 3.5 additional jobs were created.
Industry also contributed 22% of the state’s total income and GDP.
It contributed $ 251.2 billion in labor income ($ 134.3 billion direct and $ 116.9 billion indirect), or 21.8% of total state income. It also contributed $ 411.5 billion to Texas gross domestic product ($ 230.9 billion direct and $ 180.6 billion indirect), or 22.3% of the state’s total.
In 2019, the United States dominated the world in oil and natural gas production, with Texas leading the country.
Nationally, the oil and gas industry has supported over 11.3 million total jobs (2.5 million direct and 8.8 million indirect), accounting for 5.6% of all jobs in the states United in 2019. It also generated $ 892.7 billion in labor income ($ 318.6 billion direct, $ 574.1 billion). indirect), or 6.8% of the country’s total labor income.
The industry also contributed $ 1.7 trillion to the national gross domestic product ($ 763.3 billion direct, $ 925.3 billion indirect), or 7.9% of the national total.