That the U.S. is now the globe’s top petroleum producer still feels like some bizarre alternate reality to anyone old enough to remember the days of oil embargos (try 1973) and oil prices virtually controlled by OPEC.
Boom and bust cycles are part and parcel of any industry. But we’ve never experienced the sonic-like boom that the oil industry is now experiencing. America has engaged in an unprecedented and historic period of expansion that has driven the healthiest economic growth in U.S. history and carries with it tremendous geo-political implications.
Those who participate in such unprecedented periods can pass through what will all too soon feel like “a moment” in history without appreciating that they are indeed in the midst of “a moment” in history. Reflecting on that moment is important for those responsible for it. They (you) are redirecting history. That history is truly amazing.
• Proved reserves of crude oil in the United States stand at about 50 billion barrels - EIA
• Nearly one third of the United States’ crude production comes from the Permian, making it the largest shale-oil producing region in the world. -EIA
• The U.S. oil and natural gas industry purchased goods and services from over 900 different U.S. industries in the amount of $534 billion in 2018.
• Crude Petroleum Extraction total 2018 payroll was nearly $19 billion dollars.
• Total payroll in the U.S. oil and gas industry totaled $99 billion in 2018, an increase of $6 billion compared to the previous year.
• Workers in Oil and Natural Gas Extraction earned the highest annual average wage of all oil and gas industry sectors at $168,685 in 2018.
• The oil and gas industry paid a national average wage of $112,712 in 2018, double the average private sector wages in the U.S.
• There are 24,415 upstream related businesses in the U.S..
• The total number of U.S. oil and gas businesses in 2018 was 40,421, an increase of 76 businesses compared to 2017.
• There were 466,259 U.S. upstream sector jobs in 2018, an increase of 37,816 jobs compared to 2017.
• Support Activities for Oil and Gas Operations saw the largest increase in jobs adding 33,320 jobs, or a 15% increase from 2017-2018.
• 40% of all U.S. oil and gas jobs are located in Texas.
• The U.S. oil and gas industry combined employed 880,681 in 2018, an increase of 45,354 jobs from 2017.
• The job numbers by sector in 2018:
Support Activities 260,523 up 15% (from 2017)
Oil & Natural Gas Extraction combined 141,810 level
O/G Field Machinery & Equip Manufacturing 58,058 up 8%
Petroleum Related Wholesalers 69,141 up 10%
Unless otherwise noted, all facts come from the Texas Independent Producers and Royalty Owners Association. (tipro.org)