Hydrocarbon Processing Copying and distributing are prohibited without permission of the publisher
Email a friend
  • Please enter a maximum of 5 recipients. Use ; to separate more than one email address.



Oil and gas supports two million jobs in Texas

06.01.2011  |  Thinnes, Billy,  Hydrocarbon Processing Staff, Houston, TX

Keywords: [taxes] [oil] [gas] [energy production] [jobs] [Texas]

The US oil and natural gas industry supports two million jobs in Texas and 24% of the state’s economy, according to a new study commissioned by API and conducted by PricewaterhouseCoopers.

API President Jack Gerard said that President Obama and Congress should keep the study’s findings in mind as they debate greater access to domestic oil and natural gas, along with higher taxes on energy.

“Increasing energy taxes raises costs for businesses, which may impact consumers, and it threatens the two million jobs our industry supports in Texas,” Mr. Gerard said. “Higher taxes would also depress energy production over the longer term, reducing royalties and income taxes collected by the government.”

The new report updates data from a previous report and shows that, between 2007 and 2009, the economic activity supported by the industry nationwide actually increased in size as a percentage of US GDP, from 7.5% to 7.7%. The industry supports 9.2 million jobs in the US.

“The people of the US oil and natural gas industry are the backbone of our economy,” Mr. Gerard said. “They provide most of the nation’s energy, spurring job growth across America. Even during times of economic recession, the oil and natural gas industry stands strong.” HP



Have your say
  • All comments are subject to editorial review.
    All fields are compulsory.

Related articles

FEATURED EVENT


Sign-up for the Free Daily HP Enewsletter!

Boxscore Database

A searchable database of project activity in the global hydrocarbon processing industry

Poll

Should the US allow exports of crude oil? (At present, US companies can export refined products derived from crude but not the raw crude itself.)


65%

35%




View previous results

Popular Searches

Please read our Term and Conditions and Privacy Policy before using the site. All material subject to strictly enforced copyright laws.
© 2014 Hydrocarbon Processing. © 2014 Gulf Publishing Company.