The American Petroleum Institute (API) commissioned a study conducted by PwC “to quantify the economic contribution of the U.S. oil and natural gas industry in terms of employment, labor income and value added at the national, state and congressional district levels. In addition, the analysis includes estimates of the industry’s tax contributions at both the national and state levels.”

The executive summary continues: “The industry’s total economic contribution is measured through three key channels for calendar year 2023:

• Direct effects, stemming from employment, production, and investment within the oil and natural gas industry itself; 
• Indirect effects, generated through the industry’s purchases of goods and services from a broad range of domestic suppliers; and 
• Induced effects, resulting from household spending by employees and business owners within the industry and its supply chain, as well as from dividend-related consumption by shareholders.”

UPA took the data from the API’s findings and compiled it into a helpful one-page infographic. Download the API Economic Data report.