More Than 84,000 Oil and Gas Jobs Added Over 18 Months
Austin, TX – The Texas Independent Producers & Royalty Owners Association (TIPRO) today released the third installment of the organization’s 2014 State of Energy Report Series, providing a mid-year analysis of U.S. oil and natural gas employment data. According to TIPRO, the U.S. oil and gas industry now directly employs 1,066,000 workers, further reinforcing the significant economic contributions of the exploration and production (E&P) sector at the local, state and national levels.
In the first half of 2014, the U.S. oil and gas industry added 35,000 jobs, for a net growth rate of 3.4 percent, reports TIPRO. The majority of the growth in the first half of 2014 occurred in support activities of oil and gas operations with an increase of 13,800 jobs, followed by an increase of 7,900 jobs in crude petroleum & natural gas liquid extraction. Overall, from January 2013 to June 2014, industry employment grew by more than 84,000 jobs or 8.6 percent, compared to 5.9 percent for the overall private sector.
Innovation and advancements in hydraulic fracturing and horizontal drilling have made it possible to produce increased levels of oil and natural gas from shale plays that were once unreachable with conventional technologies. This in turn has allowed for a remarkable surge in the domestic production of oil and natural gas from shale formations in the U.S. Texas currently accounts for over 40 percent of all U.S. oil and gas jobs and 38 percent of daily oil production.
“The U.S. oil and gas industry continues to flourish, providing countless contributions, products and conveniences to all Americans and the U.S. economy,” said Ed Longanecker, president of TIPRO. “The positive impact of our industry is unmatched – with Texas leading the country in oil and gas production, innovation and employment trends. This is due in large part to our state’s favorable business and regulatory climate, which serves as a model for others to follow.”
Increasing levels of domestic production have enabled the U.S. to lessen its dependence on petroleum imports from foreign nations, which in turn is helping to strengthen national security and provide more opportunities for American citizens. Oil imports have decreased to the lowest level experienced in more than 20 years, while the positive economic impact of the industry continued through new job creation, as well as increased tax revenue at the state and federal level.
Altogether, the TIPRO report examines ten primary sectors comprising the U.S. oil and natural gas industry, revealing growth across all sectors for the first half of 2014.
All data from TIPRO’s latest report was compiled from the U.S. Bureau of Labor Statistics’ Current Employment Survey and is preliminary and not adjusted for seasonal variances.
This report can be downloaded for free from TIPRO’s website at www.tipro.org.