Oil & Gas Production Helps U.S. Economy

Oil & Gas Production Helps U.S. Economy

Oil & Gas Industries have created 500,000 jobs in past decade
Midland/Odessa - The U.S. added only 80,000 jobs in June, and the nationwide unemployment rate remained at 8.2 percent. That's not great news, but it could've been a lot worse.
   
One thing that's really helping our nation's economy is domestic oil and gas production. We're experiencing this first hand here in the Permian Basin, and we're not the only ones. The growing oil and natural gas industries have reportedly created 500,000 new jobs in the past decade.

As we see shale plays across the nation continue to grow, so will the number of jobs. Here in the Permian Basin, we have so many jobs we've actually seen worker shortages. In North Dakota's Bakken Shale region, they're experiencing the same thing where thousands of new wells have unemployment near 3 percent.
   
Reports show domestic oil production has grown by 10 percent since 2008, and the import share of U.S. oil consumption has dropped 45 percent from 60 percent in 2005.

According to a recent study by Wood Mackenzie, it looks like this trend will continue. The report shows oil and gas production could create an additional one million new U.S. jobs by 2018. That's certainly good news for the Permian Basin.

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