{"id":6032,"date":"2021-07-20T13:44:00","date_gmt":"2021-07-20T18:44:00","guid":{"rendered":"https:\/\/steercomdev.wpenginepowered.com\/?p=6032"},"modified":"2021-07-20T13:44:00","modified_gmt":"2021-07-20T18:44:00","slug":"new-analysis-texas-oil-and-natural-gas-industry-drives-u-s-economic-recovery-strengthens-all-industries","status":"publish","type":"post","link":"https:\/\/txogamsn.txoga.org\/steer\/2021\/07\/20\/new-analysis-texas-oil-and-natural-gas-industry-drives-u-s-economic-recovery-strengthens-all-industries\/","title":{"rendered":"New Analysis: Texas Oil and Natural Gas Industry Drives U.S. Economic Recovery, Strengthens All Industries"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">July 20, 2021<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">AUSTIN \u2013 The Texas Oil and Gas Association (TXOGA) and the American Petroleum Institute (API) today released a new&nbsp;<a href=\"https:\/\/www.api.org\/-\/media\/Files\/Policy\/American-Energy\/PwC\/API-PWC-Economic-Impact-Report.pdf?la=en&amp;hash=A7ABE1A05C4F9DEBBD2D2B6D0FFAF5F4B40A3EF4\" target=\"_blank\" rel=\"noreferrer noopener\">analysis<\/a>&nbsp;of the oil and natural gas industry\u2019s vast economic impact on Texas\u2019s economy and highlighted its importance to the state\u2019s post-pandemic recovery. The study, conducted by PricewaterhouseCoopers (PwC) and based on the latest government data available, shows that Texas\u2019s oil and natural gas industry directly and indirectly supported over 2.5 million total jobs across the state\u2019s economy in 2019. Texas ranked as the state with the highest share of total economic contributions by the oil and natural gas industry, generating $411.6 billion toward the state\u2019s gross domestic product \u2013 including $251.2 billion added to total labor income.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cTexans understand the essential nature of oil and natural gas and this analysis confirms the indispensable role the industry plays in providing jobs and investment that benefits every community and all Texans,\u201d said TXOGA President Todd Staples. \u201cAs the leaders in domestic energy production, our member companies\u2019 efforts ensure reliable products are available to power modern America and serve as the underlying foundation of Texas public school, university and public infrastructure funding.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cAs America\u2019s economy comes back, the natural gas and oil industry will serve as the foundation for long-term growth and prosperity in Texas,\u201d API President and CEO Mike Sommers said. \u201cEvery state across the country \u2013 both blue states and red states \u2013 rely on American energy to fuel each sector of the economy and support millions of U.S. jobs. This study reinforces that Texas\u2019s economic outlook is brighter when we are leading the world in energy production, and it serves as a reminder of what\u2019s at stake if policymakers restrict access to affordable, reliable energy and make us more dependent on foreign sources.\u201d<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/www.api.org\/-\/media\/Files\/Policy\/American-Energy\/PwC\/API-PWC-TX.pdf?la=en&amp;hash=4AEE0241D127F506718B02E96FF427CB2F5353A5\" target=\"_blank\" rel=\"noopener noreferrer\"><img fetchpriority=\"high\" decoding=\"async\" width=\"540\" height=\"702\" src=\"https:\/\/txogamsn.txoga.org\/wp-content\/uploads\/sites\/2\/2021\/07\/Fact-Sheet.png\" alt=\"\" class=\"wp-image-6033\" srcset=\"https:\/\/txogamsn.txoga.org\/steer\/wp-content\/uploads\/sites\/2\/2021\/07\/Fact-Sheet.png 540w, https:\/\/txogamsn.txoga.org\/steer\/wp-content\/uploads\/sites\/2\/2021\/07\/Fact-Sheet-231x300.png 231w\" sizes=\"(max-width: 540px) 100vw, 540px\" \/><\/a><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">As economic activity, travel patterns and consumption continue to grow during the post-pandemic recovery, the&nbsp;<a href=\"https:\/\/www.eia.gov\/outlooks\/steo\/report\/global_oil.php\" target=\"_blank\" rel=\"noreferrer noopener\">U.S. Energy Information Administration<\/a>&nbsp;expects global oil and liquid fuels consumption to surpass 2019 levels in 2022. The PwC report reinforces how the oil and natural gas industry\u2014in Texas in particular\u2014is critical to economic revitalization and opportunities for job creation. According to the findings, in 2019, the industry directly and indirectly:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Supported 2,508,870 total jobs (620,330 direct and 1,888,540 indirect) or 13.9 percent of Texas\u2019s total employment.<\/li><li>Generated an additional 3.0 jobs elsewhere in Texas\u2019s economy for each direct job in the state\u2019s oil and natural gas industry.<\/li><li>Provided $251.2 billion in labor income ($134.3 billion direct and $116.9 billion indirect) to Texas, 21.8 percent to the state\u2019s total.<\/li><li>Contributed $411.5 billion to Texas\u2019s gross domestic product ($230.9 billion direct and $180.6 billion indirect), 22.3 percent to the state\u2019s total.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">In 2019, the U.S. led the world in oil and natural gas production and the benefits of that leadership permeated throughout non-producing and producing states alike. At the national level in 2019, the oil and natural gas industry:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Supported more than 11.3 million total jobs (2.5 million direct and 8.8 million indirect) or 5.6 percent of total U.S. employment.<\/li><li>Generated an additional 3.5 jobs elsewhere in the U.S. economy for each direct job in the U.S. oil and natural gas industry.<\/li><li>Produced $892.7 billion in labor income ($318.6 billion direct, $574.1 billion indirect), or 6.8 percent of the U.S. national labor income.<\/li><li>Supported nearly $1.7 trillion to U.S. gross domestic product ($763.3 billion direct, $925.3 billion indirect), accounting for 7.9 percent of the national total.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Click&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.api.org\/news-policy-and-issues\/american-energy\/energy-builds-america-jobs-economy-environment-all-50-states\" target=\"_blank\">here&nbsp;<\/a>for more information on the economic impact analysis conducted by PwC and commissioned by API.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Founded in 1919, TXOGA is the oldest and largest oil and gas trade association in Texas representing every facet of the industry.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>API represents all segments of America\u2019s natural gas and oil industry, which supports more than ten million U.S. jobs and is backed by a growing grassroots movement of millions of Americans. Our 600 members produce, process and distribute the majority of the nation\u2019s energy, and participate in&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.api.org\/oil-and-natural-gas\/api-energy-excellence\" target=\"_blank\">API Energy Excellence<\/a>\u00ae, 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 700 standards to enhance operational and environmental safety, efficiency and sustainability.<\/em><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">+++<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>STEER is the leading Eagle Ford Shale resource in the region and is the primary coordinator for communication and public advocacy surrounding the oil and natural gas industry in South Texas.&nbsp; STEER serves as the bridge connecting the industry and communities throughout South Texas to ensure positive collaboration and communication surrounding the activities associated with energy production in the Eagle Ford Shale and Rio Grande Valley. In 2018, the boards of STEER and TXOGA approved the merger of STEER into TXOGA. The merger was finalized on January 1, 2020.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>July 20, 2021 AUSTIN \u2013 The Texas Oil and Gas Association (TXOGA) and the American Petroleum Institute (API) today released a new&nbsp;analysis&nbsp;of the oil and natural gas industry\u2019s vast economic impact on Texas\u2019s economy and highlighted its importance to the state\u2019s post-pandemic recovery. The study, conducted by PricewaterhouseCoopers (PwC) and based on the latest government [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"h5ap_radio_sources":[],"footnotes":""},"categories":[6,3],"tags":[297,296],"class_list":["post-6032","post","type-post","status-publish","format-standard","hentry","category-blog","category-news-releases","tag-blogs","tag-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Analysis: Texas Oil and Natural Gas Industry Drives U.S. Economic Recovery, Strengthens All Industries - South Texas Energy &amp; Economic Roundtable<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/txogamsn.txoga.org\/steer\/2021\/07\/20\/new-analysis-texas-oil-and-natural-gas-industry-drives-u-s-economic-recovery-strengthens-all-industries\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Analysis: Texas Oil and Natural Gas Industry Drives U.S. Economic Recovery, Strengthens All Industries - South Texas Energy &amp; Economic Roundtable\" \/>\n<meta property=\"og:description\" content=\"July 20, 2021 AUSTIN \u2013 The Texas Oil and Gas Association (TXOGA) and the American Petroleum Institute (API) today released a new&nbsp;analysis&nbsp;of the oil and natural gas industry\u2019s vast economic impact on Texas\u2019s economy and highlighted its importance to the state\u2019s post-pandemic recovery. 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