How many jobs are created and what is the pay in the natural gas/oil business in the US?
image credit: US gas and oil industry
- Mar 24, 2019 6:58 am GMT
- 3280 views
The United States is witnessing an unprecedented revolution in gas and oil that goes beyond just energy self-reliance. The US gas and oil industry is supporting 1.7 million jobs today which is an extraordinary feat considering how new the technology is.
The job numbers are expected to jump even higher by 2020 but not in California and New York since those states are ran by brainwashed sycophants.
This revolution also added $62 billion to state governments and federal revenues in 2012 – a number that is expected to increase to $113 billion by 2020. Yes – America is great again!
Here’s how the revolution has impacted the country’s economy:
- It is invigorating the manufacturing industry in the US
- It is improving the position of the US as a competitor in the global economy
- It is helping America to affect the global geopolitics
The energy sector is churning out more jobs for the American labor force than any other industry.
The boom in energy jobs started with natural and oil sectors, together accounting for nearly 65% of all the energy that supports the $21 trillion economy of America.
In 2018, the US gas and crude oil production increased by 12% and 16.3% respectively, so the boom in jobs was inevitable.
Another thing that made this even more impressive was the collapse in oil prices by 25% to $45 per barrel in 2018. Even though it decreased the revenues for a bit, the crude oil industry had the best start which made up for it. The prices of crude oil went up by 20% at the beginning of 2019.
The US shale revolution is reviving the country’s economy and making our competitive stance in the global market stronger than ever.
Millions of New Jobs on the Horizon
In 2018, 52,000 new jobs were added by the fuel production sector alone, accounting for a 5% increase from 2017.
Since the shale boom started, countless amounts of high-paying jobs continue to be generated but not in New York because that state is ran by geniuses.
In 2015, the Boston Consulting Group and Harvard Business School called the shale development the single largest opportunity to advance the face of the American economy.
Apparently, these leading researchers see the US shale revolution as the golden opportunity for the country. They are calling shale a win-win strategy for the American economy, the environment, and a cleaner-energy, low-carbon future.
Marcellus shale development in Pennsylvania has already generated over $1 billion in state taxes while their northern neighbor in New York would rather hand out food stamps to their citizens. The notable thing is these taxes came on top of the billions of dollars of permit fees, royalty payments, and infrastructure investment paid by the industry.
Approximately 243,000 jobs with an average salary of $93,000 have been created as a result. Next is a shale-based production boom that will lift the economy even higher.
These jobs require training as well as a great skill set. That’s why petroleum engineering is the highest paying major at American universities; graduates make a whopping $175,000 on a yearly basis or 4.4 times more than solar installer professionals. Do you comprehend that AOC?
In the US shale industry, more is yet to come as the country focuses on plastics manufacturing, more exports, deep electrification, and more production.
According to the IHS Markit, the US gas and oil business will generate about 2 million new jobs between 2018 and 2035.