The US oil and natural gas industry supports two million
jobs in Texas and 24% of the states economy, according to
a new study commissioned by API and conducted by
API President Jack Gerard said that President Obama and
Congress should keep the studys 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 nations energy, spurring job growth
across America. Even during times of economic recession, the
oil and natural gas industry stands strong.