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2018-03-12 08:40:00

U.S. OIL & GAS: 10.3 MLN JOBS

U.S. OIL & GAS: 10.3 MLN JOBS

API - According to new economic studies released today, opening the U.S. Outer Continental Shelf (OCS) to offshore oil and natural gas development would be an economic catalyst – promoting U.S. jobs, investments, and increased tax revenue - for states across the country.

"The oil and natural gas industry is a major contributor to the American economy and helps meet America's constantly increasing energy needs. We support more than 10.3 million U.S. jobs and contribute $1.3 trillion to the U.S. economy - benefits that are felt across the country," said API Director of Upstream and Industry Operations Erik Milito.

"With more than 94 percent of the total acreage in federal offshore waters currently inaccessible, opening the Outer Continental Shelf (OCS) to safe and responsible offshore energy development could further advance our energy renaissance – including more higher-paying jobs, investments in local communities, additional state revenue for public education and infrastructure, and long-term energy self-sufficiency," said Milito.

According to the four regional studies by Calash and Northern Economics which analyze the potential economic impact of oil and natural gas development in the OCS by region, the U.S. could see significant economic gains, including:

Atlantic OCS

  • Projected $260 billion total cumulative spending over the twenty-year period
  • $22 billion spent per year by the oil and natural gas industry twenty years after initial lease sales
  • Nearly 265,000 jobs supported across the nation within twenty years

Pacific OCS

  • Projected $160 billion total cumulative spending over the twenty-year period
  • $25 billion spent per year by the oil and natural gas industry twenty years after initial lease sales
  • Over 300,000 jobs supported across the nation within twenty years

Eastern Gulf OCS

  • Projected $118 billion total cumulative spending over the twenty-year period
  • $14 billion spent per year by the oil and natural gas industry twenty years after initial lease sales
  • Nearly 165,000 jobs supported across the nation within twenty years

Alaska OCS

  • Projected $53.4 billion total cumulative spending over the twenty-year period
  • An estimated nearly $2 billion spent on average per year by the oil and natural gas industry
  • Support up to about 13,500 jobs per year across the nation over the twenty-year period

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Earlier:

 N.America
2018, March, 11, 11:20:00

U.S. UNEMPLOYMENT RATE 4.1%

U.S. BLS - Total nonfarm payroll employment increased by 313,000 in February, and the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment rose in construction, retail trade, professional and business services, manufacturing, financial activities, and mining.

 

 N.America
2018, March, 11, 11:00:00

U.S. RIGS UP 3 TO 984

BAKER HUGHES A GE - U.S. Rig Count is up 3 rigs from last week to 984, with oil rigs down 4 to 796, gas rigs up 7 to 188. Canada Rig Count is down 29 rigs from last week to 273, with oil rigs down 15 to 196 and gas rigs down 14 to 77.

 

 N.America
2018, February, 27, 13:55:00

U.S. OIL PRIODUCTION UP TO 10.2 MBD

API - U.S. crude production rose to 10.2 million barrels per day (MBD) in January – the highest monthly output on record, according to API’s monthly statistical report. This was an increase of 1.1 percent versus December and 15.1 percent from January 2017.

 

 N.America
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

 

 N.America
2018, February, 14, 09:30:00

U.S. OIL +110 TBD, GAS + 832 MCFD

EIA - Crude oil production from the major US onshore regions is forecast to increase 110,000 b/d month-over-month in March to 6,756 million b/d, gas production to increase 832 million cubic feet/day to 64,941 million cubic feet/day .

 

 N.America
2018, February, 12, 07:00:00

U.S. RIGS UP +29 TO 975

BAKER HUGHES A GE - U.S. Rig Count is up 29 rigs from last week to 975, with oil rigs up 26 to 791, gas rigs up 3 to 184, and miscellaneous rigs unchanged. Canada Rig Count is down 17 rigs from last week to 325, with oil rigs down 13 to 221 and gas rigs down 4 to 104.

 

 N.America
2018, January, 26, 12:20:00

U.S. SHALE OIL BOOM

REUTERS - U.S. Energy Secretary Rick Perry told oil super-powers Russia and Saudi Arabia he believed U.S. shale oil boom would not become a spoiler for oil markets because new production would be absorbed by fast rising global demand.

Tags: USA, OIL, GAS, JOB