June 2011

Trends and Resources

HP Impact: Oil and gas supports two million jobs in 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 Pre..

Thinnes, Billy, Hydrocarbon Processing Staff

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 c

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