• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 7 hours Oil prices going Up? NO!
  • 17 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 16 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 2 hours The Tony Seba report
  • 22 hours Oil prices going down
  • 1 day Could oil demand collapse rapidly? Yup, sure could.
  • 3 hours Saudi Arabia turns to solar
  • 15 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 2 days Oil Buyers Club
  • 9 hours Kenya Eyes 200+ Oil Wells
  • 9 hours Are Electric Vehicles Really Better For The Environment?
  • 2 days Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 24 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 2 days Gazprom Exports to EU Hit Record
  • 2 days Could Venezuela become a net oil importer?
  • 23 hours Tesla Closing a Dozen Solar Facilities in Nine States
This Russian Oil Major Is Ready To Open The Taps

This Russian Oil Major Is Ready To Open The Taps

Russia’s oil giant Lukoil is…

Serving The 2 Billion Unbanked: A New Trillion Dollar Market

Serving The 2 Billion Unbanked: A New Trillion Dollar Market

Fintech, alongside blockchain, has been…

Oil And Gas Added $1.3 Trillion To The U.S. Economy In 2015

Oil

Oil and gas ventures in the United States supported 10.3 million jobs and added $1.3 trillion to the national economy in 2015, the year after the oil price crash, according to a new report by PricewaterhouseCoopers and the American Petroleum Institute (API).

Oklahoma, Wyoming, North Dakota, and Texas held the highest proportion of jobs directly related to the oil and gas supply chain. The industry’s operations supported 8.1 million jobs nationwide while its capital investment added 2.3 million jobs in 2015, the report read.

The report also lists the economic impact of the fossil fuel sectors by state, as compiled by local chapters of the API.

Hundreds of thousands of oil industry professionals lost their jobs after the oil price crash in 2014, but this year’s reports from the Bureau of Labor Statistics indicate a sector with renewed labor vigor. Last year, the sector was shedding 18,000 jobs per month after a second major dip in oil prices in January.

An upswing in active rigs across the nation has triggered mass rehirings in recent months. The turn-around comes as prices slowly edge above $50 a barrel. There are hopes that federal changes to environmental regulations, the opening up of federal land for fossil fuel extraction and improving price forecasts will all support a new boom in domestic oil and gas production.

Related: Oil Prices Slip Despite Modest Draw In Crude Inventories

While many firms went bankrupt as prices fell, other companies stayed online through improved efficiency, cost-cutting and automation. Upstream actors and oil service companies cut jobs through automation, allowing them to stay in business. Now, with prices ticking back up and demand improving, it’s possible that many of the old energy jobs are gone for good.

The API is well-known for its weekly predictions of U.S. crude inventories every Tuesday, the day before the Energy Information Administration (EIA) releases an official account of the nation’s fuel levels.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Timothy Smith on August 05 2017 said:
    "Hundreds of thousands of oil industry professionals lost their jobs after the oil price crash in 2014, but this year’s reports from the Bureau of Labor Statistics indicate a sector with renewed labor vigor. Last year, the sector was shedding 18,000 jobs per month after a second major dip in oil prices in January."

    Need to work on getting these jobs back and increasing the amount that is employed.

    Timothy Smith, SFO
    Petro Lucrum, Inc.
    Single Family Office

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News