Energy API
by Michael Tadeo
Industry added $11.97 billion to state’s economy in 2015
Richmond, Va., August 1, 2017 – The Virginia Petroleum Council today released a new study showing that the U.S. natural gas and oil industry supported 125,500 jobs in the state and contributed $11.97 billion to the state’s economy in 2015. The study found that all 50 states, whether energy producing or not, continued to benefit from the industry.
“The oil and gas industry has supplied high-paying jobs throughout the Commonwealth, and is indispensable in economically depressed areas like Southwest Virginia,” said Executive Director Miles Morin. “Virginia has the opportunity to expand our energy workforce through the proposed MVP and ACP pipeline projects and with Atlantic offshore energy production, which would create about 25,000 jobs in Hampton Roads and diversify our economy.”
“This study validates the role of the natural gas and oil industry in growing the U.S. economy and supporting more than 10 million workers from coast-to-coast,” said API President and CEO Jack Gerard. “Natural gas and oil touches virtually every facet of our life – from heating our homes and fueling transportation to life-saving medical devices and cosmetics at the drug store. This study is further proof of the positive impact that U.S. resources have on workers and communities across the nation.”
The study, conducted by PricewaterhouseCoopers (PwC) and commissioned by API, showed that the natural gas and oil industry supported 10.3 million U.S. jobs in 2015. According to the Bureau of Labor Statistics, the average wage paid by the natural gas and oil industry in 2016, excluding retail station jobs, was $101,181 which is nearly 90 percent more than the national average.
The Virginia Petroleum Council is a division of API, which represents all segments of America’s oil and natural gas industry. Its more than 625 members produce, process, and distribute most of the nation’s energy. The industry supports 10.3 million U.S. jobs and is backed by a growing grassroots movement of more than 40 million Americans.
Download the full study here