Louisiana Mid-Continent Oil and Gas Association and American Petroleum Institute released new analysis on the growing economic contributions of America’s natural gas and oil industry in all 50 states. The study, commissioned by API and prepared by PricewaterhouseCoopers , showed that the industry supported more than 346,000 jobs and contributed over $54 billion toward the state’s economy in 2021.
Key Highlights:
* Supported 346,710 total jobs (91,720 direct and 254,990 indirect) or 13.1 percent of Louisiana’s total employment.
* Provided $25.8 billion in labor income to Louisiana, 16.7 percent of the state’s total.
* Contributed $54.3 billion to Louisiana’s total gross domestic product, 21.0 percent of the state’s total.
* Produced $909 billion in labor income, or 6.4 percent of the U.S. national labor income.
* Supported nearly $1.8 trillion in U.S. gross domestic product, accounting for 7.6 percent of the national total.
Original Press Release:
May 16 -- Louisiana Mid-Continent Oil and Gas Association issued the following news release:
The Louisiana Mid-Continent Oil and Gas Association (LMOGA) and American Petroleum Institute (API) today released new analysis on the growing economic contributions of America’s natural gas and oil industry in all 50 states, including investment in Louisiana ranging from taxes and workforce wages paid to indirect and induced jobs in retail, manufacturing, agriculture and other sectors throughout the energy supply chain. The study, commissioned by API and prepared by PricewaterhouseCoopers (PwC), showed that the industry supported more than 346,000 jobs and contributed over $54 billion toward the state’s economy in 2021.
“It is clear the energy industry is critical to Louisiana’s economy, creating jobs, boosting the economy and raising the quality of life for residents across the state. Our state’s economic future depends on a strong, robust oil and natural gas industry and the safe, responsible delivery of energy resources for all.” – Tommy Faucheux, LMOGA President
“Natural gas and oil delivers growing economic contributions to America that were nearly equivalent to Canada’s annual GDP last year. From Louisiana to California, America’s natural gas and oil workforce is the backbone of communities, supporting nearly 11 million careers throughout the energy supply chain,” API President and CEO Mike Sommers said. “America’s economic outlook is brighter when we are leading the world in energy production and this analysis serves as a reminder that we need policies and regulations that encourage investment and enable development.”
The PwC report is based on the latest government data available at the state, national and congressional district level. The findings highlight the importance of policies that promote energy development, including meaningful action on permitting reform and the issuance of a final five-year plan for offshore oil and gas leasing.
According to the findings, in 2021, the industry directly and indirectly:
* Supported 346,710 total jobs (91,720 direct and 254,990 indirect) or 13.1 percent of Louisiana’s total employment.
* Generated an additional 2.8 jobs elsewhere in Louisiana’s economy for each direct job in the state’s natural gas and oil industry.
* Provided $25.8 billion in labor income ($10.7 billion direct and $15.0 billion indirect) to Louisiana, 16.7 percent of the state’s total.
* Contributed $54.3 billion to Louisiana’s total gross domestic product ($29.2 billion direct and $25.1 billion indirect), 21.0 percent of the state’s total.
In 2021, the U.S. led the world in natural gas and oil production and the benefits of that leadership permeated throughout non-producing and producing states alike. At the national level in 2021, the natural gas and oil industry:
* Supported 10.8 million total jobs or 5.4 percent of total U.S. employment.
* Generated an additional 3.7 jobs elsewhere in the U.S. economy for each direct job in the natural gas and oil industry.
* Produced $909 billion in labor income, or 6.4 percent of the U.S. national labor income.
* Supported nearly $1.8 trillion in U.S. gross domestic product, accounting for 7.6 percent of the national total.
Click here(https://www.api.org/-/media/files/policy/american-energy/pwc/2023/api-pwc-la-2023) for more information on the economic impact analysis and here to view a copy of the report.
Louisiana Mid-Continent Oil and Gas Association, founded in 1923, is a trade association exclusively representing all sectors of the oil and gas industry operating in Louisiana and the Gulf of Mexico. LMOGA serves exploration and production, refining, transportation, marketing and midstream companies as well as other firms in the fields of law, engineering, environment, financing and government relations.
API represents all segments of America’s natural gas and oil industry, which supports nearly 11 million U.S. jobs and is backed by a growing grassroots movement of millions of Americans. Our approximately 600 members produce, process and distribute the majority of the nation’s energy, and participate in API Energy Excellence®, which is accelerating environmental and safety progress by fostering new technologies and transparent reporting. API was formed in 1919 as a standards-setting organization and has developed more than 800 standards to enhance operational and environmental safety, efficiency and sustainability.
[Category: Energy Equipment & Services, Oil & Gas Refining & Marketing, Oil & Gas Exploration & Production, ESG, Hirings]
Source: Louisiana Mid-Continent Oil and Gas Association
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