For every job created in oil production, three jobs are created in the supply chain and six more in the broader economy.
Bloomberg recently released a data visualization of the startling decrease in the number of active wells in the U.S. And, in fact, rig counts are at the lowest they’ve been in 75 years. While that may not seem like information that impacts your daily life, the reality is that each of these rigs supports dozens or even hundreds of jobs lost. And that’s not all.
The IHS Supply Chain Study found that “For every job created in oil production, three jobs are created in the supply chain and six more in the broader economy.” So it’s probably safe to assume that as the rigs shut down, many more jobs are also lost.
What’s indisputable is that even with low oil prices the oil and natural gas industry has a huge impact on the American economy, employing over 9 million people and contributing billions to government coffers. Energy matters. And sound energy policy is key to a strong American economy. As voters, we all have the power to influence future policies when we cast our ballot. Learn more about the upcoming election and how to ensure your voice is heard in our new Election 2016 section.