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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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O&G Economic Benefits Packaged for Easy Sharing

January 1, 2021 by PBOG

America is the world’s leading producer of oil and natural gas. The oil and gas industry supports millions of American jobs, provides lower energy costs for consumers, and ensures our energy security. The Trump Administration and the Department of Energy have shown commitment to supporting our oil and gas industry so that we continue to reap the benefits that come with dominant American energy production. For those who might find useful a handy summation of O&G’s salient benefits, the DOE has prepared a list. We share here the first three points, with the remainder available for those who wish to follow the online link.

  • Oil, natural gas, and coal provide 80 percent of American energy.
  • As of the start of 2020, the oil and gas industry was responsible for 3 million American jobs.
  • 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.
  • Oil and gas production helps save American consumers an estimated $203 billion annually (or $2,500 for a family of four).
  • The S. trade deficit in 2019 was $305 billion lowerthan it would have been without domestic oil and natural gas production.
  • The affordability and accessibility of oil and gas here at home is infusing hundreds of billions of dollars into new American manufacturing, supporting the development of new jobs, infrastructure, and economic opportunity in communities throughout the country.
  • Lower energy costs, driven by our massive oil and gas supply, support private sector investment in the U.S. and further economic growth.
  • Manufacturing consumes approximately one-quarter of energy in the United States. Affordable power is bringing manufacturing back to the U.S., and recent estimates show manufacturing in PA, OH, WV, and KY supporting 630,000 jobs.
  • According to a U.S. Chamber of Commerce report, halting hydraulic fracturing would eliminate 19 million jobs between now and 2025. The impact to key energy states includes the estimated loss of the following:
  • Ohio – 700,000 jobs
  • Pennsylvania – 609,000 jobs
  • Colorado – 49,000 jobs
  • Texas – 3.157 million jobs
  • New Mexico – 142,000 jobs
  • Wisconsin – 300,000 jobs
  • Michigan – 516,000 jobs

 

View the Department’s Oil and Gas Fact Sheet online.

Filed Under: Drilling Deeper

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