Oil and Gas Today with Chris Faulkner Podcast #438

The oil and gas boom is producing millions of jobs, and not just where you might expect. Employment is up 40% in the oil and gas fields since the recession began in late 2007. But in every one of the 10 states where hydrocarbon production is on the rise, overall employment growth has outperformed the nation.

Direct employment in the oil and gas industry rose 40% from the last 6 years as compared to a decline of about 3% in the overall U.S. economy.  All the new oil production that has come online since 2008 has reduced oil imports by about 50%, and lower natural gas prices brought about by the boom in supplies of that commodity.  This has in turn attracted a rush to invest in new plant and equipment among industries – $121 billion in new manufacturing plants are underway RIGHT NOW

Comments are closed.