As a critical link in the nation’s energy supply, the oil and natural gas industry makes many important contributions to the U.S. economy by providing an economical energy source for transportation and the production of other goods. According to U.S. Department of Energy, the oil sector currently supplies more than 40% of the nation’s total energy demands and more than 99% of the fuel used by Americans in their cars and trucks. Additionally, 900 of the next 1,000 U.S. power plants will use natural gas.
In addition to the important products made available by the oil and natural gas industry, the industry also makes significant economic contributions as an employer and purchaser of goods and services. The oil and natural gas industry is one of the largest employers in the country, employing millions of Americans in exploring, producing, processing, transporting, and marketing oil and natural gas. Millions of other jobs are supported by the industry’s purchases of goods and services from other producers.
Facts and Figures About the U.S. Oil and Natural Gas Industry
| 9.237 million | People that are directly and indirectly employed in the U.S. by the oil and natural gas industry |
| $1 trillion | Oil and natural gas industry's total value added contribution to the national economy |
| $90 billion | Total amount in taxes paid by the oil and natural gas industry in 2006 |
| $28 billion | Amount paid by the oil and natural gas industry in U.S. federal, state and local taxes in 2006 |
| $53 billion | Amount paid by the industry in foreign income taxes |
| $9 billion | Amount paid by the industry in both U.S. and foreign deferred taxes |
| $174 billion | Total amount that a representative sample of 57 oil and natural gas companies have invested back into the industry |
| 97% | Percentage of those companies’ net income represented by the invested $174 billion |
| $121.3 billion | Estimated investment in emerging energy technologies in the North American market by U.S. oil and natural gas companies from 2000 to 2007 |
| 65% | Estimated percentage of all U.S. corporate and government investments in emerging energy technologies from 2000 to 2007 contributed by oil and natural gas companies from 2000 to 2007 |
| $1.5 billion | Amount invested by oil and natural gas companies in non-hydrocarbon technologies such as solar, wind and geothermal from 2000 to 2007 |
| $15.9 billion | Amount invested by oil and natural gas companies for advanced end-use technologies such as cogeneration, fuel-cell vehicles and advanced battery technologies from 2000 to 2007 |
| $103.9 billion | Amount invested by oil and natural gas companies for frontier hydrocarbons such as oil sands, oil shale and gasification technology from 2000 to 2007 |
| 27% | Percentage of total shares of public oil and natural gas companies owned by pension funds |
| 29.5% | Percentage of total shares of public oil and natural gas companies owned by mutual funds and other asset management companies |
| 1.5% | Percentage of total shares of public oil and natural gas companies owned by corporate management |