Study notes boosts from US drilling boom

The US oil and gas drilling boom is creating jobs far faster than the general economy and generating enough wealth to prevent a lapse back into recession, according to a report published this month by the conservative Manhattan Institute.

Here are key findings of the report, by Senior Fellow Mark P. Mills, who also is founder and chief executive officer of the capital advisory firm Digital Power Group, from the institute’s web site:

• Overall US employment has yet to return to its prerecession level, but the number of oil and gas jobs has grown 40% since then.

• In the 10 states at the epicenter of oil and gas growth, overall statewide employment gains have greatly outpaced the national average.

• A broad array of small and midsize oil and gas companies are propelling record economic and jobs gains—not just in the oil fields but across the economy.

• America’s hydrocarbon revolution and its associated job creation are almost entirely the result of drilling and production by more than 20,000 small and midsize businesses, not a handful of “big oil” companies. In fact, the typical firm in the oil and gas industry employs fewer than 15 people.

• The shale oil and gas revolution has been the nation’s biggest single creator of solid, middle-class jobs—throughout the economy, from construction to services to information technology.

• Overall, nearly 1 million Americans work directly in the oil and gas industry, and a total of 10 million jobs are associated with that industry.

• Oil and gas jobs are widely geographically dispersed and have already had a significant impact in more than a dozen states: 16 states have more than 150,000 jobs directly in the oil and gas sector, and hundreds of thousands more jobs due to growth in that sector.

• In recent years, America’s oil and gas boom has added $300–400 billion/year to the economy; without this contribution, GDP growth would have been negative, and the nation would have continued to be in recession.

• The resources, technology, infrastructure, and thousands of small and midsize businesses are capable of producing even more growth and many more jobs, so long as policymakers do not obstruct progress in the oil and gas sector.

Related Articles

Judge bars Anadarko e-mails as evidence in Macondo blowout hearing

03/21/2014 A federal district judge in New Orleans refused to accept e-mails between Anadarko Petroleum Corp. and BP PLC as evidence in a hearing to determine...

Industry group welcomes most UK budget moves

03/21/2014 Oil & Gas UK voiced support for all but one of several measures affecting the offshore producing industry announced in the UK government’s annu...

MARKET WATCH: Crude oil, gas futures prices slide entering spring

03/21/2014

The first day of spring in the northern hemisphere was marked by lower crude oil and natural gas futures prices.

OMV acquires West of Shetland licenses from Hess

03/21/2014 OMV AG has reached an agreement with Hess Corp. to acquire four licenses in West of Shetland, UK, including Cambo field and the Blackrock prospect,...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected