API: Oil and Gas Are Pillars of U.S. Economic Strength

API has welcomed a report from the U.S. Energy Information Administration (EIA), the independent statistics arm of the Department of Energy, revealing that the oil and natural gas industry created jobs 40 times faster than the broader economy from 2007 to 2012.

The EIA also explained that, despite the economic recession, the high-paying jobs provided by the industry delivered an amplified boost to America’s economic growth.

“Oil and natural gas have been pillars of economic strength during a very difficult time, and this is just the beginning,” said API Chief Economist John Felmy. “If Congress and the administration are willing to support America’s domestic energy production, oil and natural gas are poised to fuel an economic renaissance. To unlock that potential, Washington needs to expand access to domestic energy resources, speed up permitting, and end the broken ethanol mandate. This is proof positive that we have a tremendous opportunity to create millions of jobs, increase household wealth, and secure America’s energy future.”

The federal figures reflect just one portion of the industry’s immense contribution to America’s economic recovery. A recent report from PwC covering production as well as refining, distribution, and other aspects of the industry, showed that oil and natural gas supported 9.8 million American jobs in 2011, an increase of more than 600,000 jobs in just two years.

API is a national trade association that represents all segments of America’s technology-driven oil and natural gas industry. Its more than 500 members – including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms – provide most of the nation’s energy. The industry also delivers $86 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.