Oil, natural gas and economic growth

The API has released a new survey that shows the diverse array of supplies, service providers, and other small and midsized businesses supporting the US energy renaissance.

The 2014 vendor survey lists 30 000 operators, contractors, service companies, suppliers, and other vendors that support oil and natural gas operations in every US state and the District of Columbia. It also includes individual state profiles, which detail job gains and salary information for industry related work, as well as information on survey participants organised by congressional district.

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Erik Milito, API Upstream Group Director said, ‘oil and natural gas companies are only one part of a much larger economic success story that is creating job growth up and down the supply chain. From the folks who make work gloves to environmental consultants, these businesses represent just a small cross section of the opportunities created by America’s energy revolution.

‘Thanks to innovations in horizontal drilling and hydraulic fracturing, America’s potential as an energy superpower is growing, and businesses of all types are growing with it. Even outside of major oil and natural gas producing areas, the industry is creating jobs that pay about double the average salary for all industries. Overall, as of 2011, the oil and natural gas industry directly or indirectly supported 9.8 million US jobs, and many more are expected over the next decade.’

Edited from a press release by Claira Lloyd

Read the article online at: https://www.worldpipelines.com/business-news/10092014/api-oil-gas-and-the-economy/