Need a Job? The oil and gas industry is the place to go

A number of reports recently have indicated that the oil and gas industry is responsible for a major increase in employment. The Energy Information Administration (EIA), using data from the Bureau of Labor Statistics, noted that between the beginning of 2007 and the end of 2012, jobs in the oil and gas industry increased by 40 percent, while jobs in the private sector increased just 1 percent. IHS CERA Consulting just released a study touting the increased jobs that have resulted from booming oil and gas production in the United States, spurred by developments in drilling technology. According to the study, the boom created 2.1 million direct and indirect jobs by the end of last year and that number is expected to increase to almost 3.9 million jobs by 2025.

But, the job increase is not the only good news. According to the IHS study, the energy boom added almost $75 billion in federal and state revenues, which could reach over  $125 billion by 2020, and contributed $283 billion to the gross domestic product in 2012, which is expected to increase to almost $533 billion annually beginning in 2025. These new sources of domestic oil and natural gas added more than $1,200 to the discretionary income of the average U.S. family last year, and that number is expected to increase to $2,000 per household per year by 2015 and $3,500 by 2025. The use of hydraulic fracturing and horizontal drilling technology in oil and natural gas drilling sparked more than $120 billion in U.S.-based investment last year. By 2020, the shale boom is expected to lower the U.S. trade deficit by $164 billion (almost a third) as energy imports continue to decline. The lower energy costs will benefit manufacturing and industry, particularly energy-intensive industries such as petroleum refining, aluminum, glass, cement and the food industry.[i]

READ MORE:  http://www.instituteforenergyresearch.org/2013/09/06/need-a-job-the-oil-and-gas-industry-is-the-place-to-go/