LA Oil and Gas Industry Provide Over $54 Billion in Economic, Trade & Job Benefits
The study showed that the industry supported more than 346,000 jobs and contributed over $54 billion toward the state’s economy in 2021.
The oil and natural gas industry in Louisiana supported more than 346,000 jobs in multiple sectors and contributed more than $54 billion to the state’s economy in 2021, according to a PricewaterhouseCoopers study commissioned by the American Petroleum Institute.
According to a statement from the Louisiana Mid-Continent Oil and Gas Association, the report highlights the importance of policies that promote energy development in the state, including permitting reform and the creation of a final five-year plan for offshore oil and gas leasing.
The PwC report is based on the latest government data available at the state, national and congressional district level. The findings highlight the importance of policies that promote energy development, including meaningful action on permitting reform and the issuance of a final five-year plan for offshore oil and gas leasing.
According to the findings, in 2021, the industry directly and indirectly:
Supported 346,710 total jobs (91,720 direct and 254,990 indirect) or 13.1 percent of Louisiana’s total employment.
Generated an additional 2.8 jobs elsewhere in Louisiana’s economy for each direct job in the state’s natural gas and oil industry.
Provided $25.8 billion in labor income ($10.7 billion direct and $15.0 billion indirect) to Louisiana, 16.7 percent of the state’s total.
Contributed $54.3 billion to Louisiana’s total gross domestic product ($29.2 billion direct and $25.1 billion indirect), 21.0 percent of the state’s total.
In 2021, the U.S. led the world in natural gas and oil production and the benefits of that leadership permeated throughout non-producing and producing states alike. At the national level in 2021, the natural gas and oil industry:
Supported 10.8 million total jobs or 5.4 percent of total U.S. employment.
Generated an additional 3.7 jobs elsewhere in the U.S. economy for each direct job in the natural gas and oil industry.
Produced $909 billion in labor income, or 6.4 percent of the U.S. national labor income.
Supported nearly $1.8 trillion in U.S. gross domestic product, accounting for 7.6 percent of the national total.
Click here for more information on the economic impact analysis and here to view a copy of the report.
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