Oil and Natural Gas Industry Helps Drive the U.S. Economy
Jane Van Ryan
Posted October 4, 2010
The numbers are staggering. The impact the oil and natural gas industry has on the U.S. economy is massive. It supports:
- 9.2 million jobs;
- 7.5 percent of U.S. Gross Domestic Product; and paid
- $95.6 billion in income taxes in 2008
Many state economies also depend on the oil and natural gas industry. For example, in Louisiana alone there are 330,053 oil and natural gas jobs, accounting for more than 13 percent of the state's total jobs. Without the industry, millions of Americans would be out of work, and the United States would lack the domestic energy needed to power the economy.
More oil and natural gas development equates to more jobs. As the September Rally for Jobs events and the Virtual Rally for Jobs have shown, Americans understand how important it is for Washington to develop smart energy policies that promote U.S. oil and natural gas exploration and production to create jobs, improve U.S. energy security, and fuel economic growth.