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The oil and gas industry is vital to our economy, yet it remains shrouded in secrecy. The public doesn’t know all the facts, and what they don’t know could hurt them.
But we’re here to shine a light on the industry. We will divulge some of the most frightening data about the major corporations, their lobbyists, and where the industry is headed.
This article includes some of the most revealing and downright scary statistics about the oil and gas industry. Keep reading to learn more about this essential but menacing part of our economy.
Oil and Gas Industry Statistics: Trends and Historical Data Analyzed
#1. The United States Produces Over 16 million Barrels of Oil Per Day
It’s true! The United States produces over 16 million barrels of oil per day. However, that number is a slight decrease from the previous year.
The reason for the decline is in large part due to the market crash of 2020 during the pandemic.
However, despite the decline, the United States is still one of the top oil producers in the world.
The interesting thing about the United States is that we are both a top producer of oil and a top oil consumer. We consume about 20 million barrels per year.
#2. The Top 5 Oil-producing Countries in the World Are the United States, Saudi Arabia, Russia, China, and Canada
It’s no surprise that the United States is one of the top five oil-producing countries globally. After all, the US has been a significant player in the global oil industry for decades. 2018 marked a milestone for the U.S. when it became the world’s largest crude oil producer, overtaking Saudi Arabia.
There are many reasons why the U.S. is such a major force in oil production. One is that the country has vast reserves of crude oil – according to some estimates, there may be enough oil in the ground to last more than 200 years. Additionally, advances in technology have allowed it to extract more oil from existing wells and access previously untapped reserves.
#3. 55% of Americans Say They Would Support a Ban on Fracking
The hot-button issue of fracking continues to be divisive across the United States, with no clear consensus in sight. A recent poll showed that 55% of Americans would support a ban on fracking, while 45% would oppose such a measure. The issue has pit neighbor against neighbor and left communities divided.
Fracking is a process of hydraulic fracturing. Water and various chemicals are injected at high pressures to break apart rock formations and release natural gas or oil. Proponents of fracking argue that it is a safe and efficient way to extract energy resources, while opponents believe it poses severe risks to the environment and public health.
#4. A total of $374.7 Million Was Spent on Federal Lobbying by the Four Largest Oil Companies Per Year
Lobbying is a common legal practice in which businesses, special interest groups, and individuals attempt to influence government officials to pass or block legislation that would benefit their interests.
In total, 40 lobbyists were hired per year by the four largest oil companies to sway federal policy. This means that at least one lobbyist was working on behalf of big oil every day of the year.
In addition, these companies spent $374.7 million annually on lobbying efforts – a sizable investment meant to ensure favorable legislation for the industry.
#5. 9 Percent of All Greenhouse Gas Emissions Are Caused by the Oil Industry
Climate change is one of the most pressing issues of our time, and the oil industry is a major contributor to greenhouse gas emissions. In fact, according to the Environmental Protection Agency (EPA), the oil industry accounts for 9 percent of all greenhouse gas emissions in the United States.
This is a significant contribution to climate change, and we must take action to reduce these emissions. There are many ways to do this, including investing in renewable energy sources, increasing energy efficiency, and reducing our reliance on fossil fuels.
#6. $69 Trillion – Estimated Cost of Damages from Climate Change by the End of the Century
With rising temperatures and sea levels, pricier weather-related disasters, and more extreme droughts and floods, climate change is estimated to shave about 1.5% off the global economic growth rate annually by 2100.
That may not sound like much—but it adds up. The cost of damage across the world will reach a jaw-dropping $69 trillion by the end of the century if we don’t find a way to mitigate or adapt to climate change, tipping our planet into an era of devastating expanses of hunger, poverty, and preventable death.
#7. The State of Texas Produces 1.78 billion Barrels of Oil Per Year
Texas is the largest oil-producing state in the United States, and it’s no surprise that oil production is a significant part of the Texas economy. The Lone Star State accounts for more than 1.78 billion barrels of oil each year!
Oil production is a massive source of revenue for Texas, and it’s also responsible for creating jobs and economic growth throughout the state. The oil and gas industry has been a critical part of Texas’ economy for many years, and there’s no sign that it will slow down anytime soon.
#8. JPMorgan Strategists Predict Oil Prices Could Reach $185 Per Barrel
If the supply of oil is disrupted due to international tensions, some JPMorgan strategists predict, prices could reach $185 per barrel. That would be higher than the record price of $147 set in 2008.
Of course, this is just a prediction, and it remains to be seen what will happen. But if there is a disruption in oil supply, it could have a major impact on the global economy. Oil prices are already at four-year highs, so a further increase could cause inflation and slow economic growth. It would also put pressure on consumers and businesses that use oil products.
#9. About 8.63 million Barrels of Oil Were Exported Daily by the United States in 2021
The United States is one of the world’s largest oil exporters, exporting 8.63 million barrels per day. This oil is shipped to 176 countries and 4 U.S. territories, making the U.S. a significant player in the global oil market.
Most U.S. oil exports go to Canada and Mexico. The U.S.’s status as a major oil exporter gives it a significant amount of leverage in the global oil market and has contributed to the country’s economic growth.
#10. The Oil Industry Employs More Than 9.8 million people in the United States
The oil industry employs more than 9.8 million people in the United States, representing 5.6 percent of total U.S. employment. The sector includes various occupations, from petroleum engineers and geoscientists to drillers and production workers.
The oil and gas industry is essential to the economy of the United States, providing jobs for millions of Americans and contributing billions of dollars to the nation’s GDP. The sector also supports many other industries, from transportation and manufacturing to construction and healthcare.
#11. Oil Companies Have Benefited from Tax Loopholes to the Tune of Over $29 Billion
Oil companies have benefitted from tens of billions of dollars in tax loopholes and benefits over the years. And while they continue to reap those rewards, they’ve also been slashing jobs left and right.
It’s time for Congress to step up and close these costly loopholes that benefit the big corporations at the expense of American taxpayers. It’s not right that oil companies should get a free ride while everyone else is struggling, and we need to make sure they pay their fair share like everyone else.
#12. Workers in the Oil Industry Die at a Rate 700% Higher Than in Other Industries
The oil industry is a dangerous place to work. Workers in the oil industry die at a rate 700% higher than in other sectors. This is because they are constantly exposed to hazardous conditions while trying to extract oil and gas.
Working in the oil industry is not for the faint of heart. It requires courage and a willingness to take on risky tasks. But those who do choose to work in this industry are aware of the dangers involved. And they accept the risks because they believe that the financial rewards are worth it.
#13. 6 Oil Tankers Spilled Across the Globe in 2021
Since 2009, oil spilled from tankers has decreased by over 90%. This is due to stricter safety regulations and improved tanker design. While there were six spills in 2021, this is a stark contrast to the dozens of incidents that occurred each year in previous decades.
While it’s important to remember that any spill is too many, it’s encouraging to see a significant reduction in oil spills over the past decade. Hopefully, we can continue this trend and significantly reduce the oil spilled each year with a continued focus on safety and improved tanker design.
#14. Oil Intensity Had Declined by 56%
By 2019, oil intensity had declined by 56%. This is due to several factors, including the rise of renewable energy, increased efficiency, and decreased demand from major consuming nations like the United States.
However, it’s important to remember that oil is still a vital part of the global economy. It’s used for transportation, heating, and numerous other purposes. Even with its decline in popularity, it’s unlikely that oil will go away anytime soon.
#15. The U.S. Oil Industry Lost 120,000 Jobs in 2020
120,000 lost jobs in the U.S. oil industry is a devastating blow to both the workers and their families and the economy. The cause of this massive loss can be traced back to the crash in oil demand and prices that occurred in 2020.
The pandemic played a prominent role in decreasing demand, as businesses were forced to shutter their doors, and people were ordered to stay home. This led to a decrease in travel, which meant fewer people bought gas and other petroleum products. At the same time, countries like Saudi Arabia were pumping out more oil than ever before, leading to an oversupply and crashing prices.
#16. At 15%, the Oil Industry Has the Highest Unemployment Rate in the U.S.
Did you know that the mining, quarrying, and oil and gas extraction industry has the highest unemployment rate in the United States? At 15%, it’s more than double the national average of 6.7% in 2020.
This is likely due to several factors, including the decline in oil prices and layoffs in the coal industry. And it’s only going to worsen. According to some experts, the number of jobs in this industry could decline by 25% in the next decade.
#17. Marathon Petroleum Received About $1 Million for Each of the 1,920 Employees It Let Go
Marathon Petroleum didn’t just fire 1,920 employees and walk away with millions of dollars in benefits. Instead, the company took advantage of corporate pandemic relief measures and other tax breaks to fatten its bottom line.
#18. It Is Possible That 70% of the Oil Jobs Lost in 2020 Will Never Return
While prices rebound, many of the jobs lost in the oil industry won’t come back. Many of those jobs were in manual labor positions. With the advent of fracking and new technologies, machines are now doing those jobs.
There will always be a need for human oversight and maintenance, but with the rise of robotics and A.I., it’s unlikely that many of those manual labor jobs will return. So while prices rebound and we see an uptick in production, don’t expect to see all (or even most) of those jobs returning to the workforce.
How Big Are the Oil and Gas Industry in the World?
The oil and gas industry is a massive part of the global economy, accounting for 3.8% of the world’s GDP. It employs millions of people worldwide and is responsible for powering our homes and businesses.
The oil and gas industry is vital to the world economy, providing energy to power our homes and businesses. It is also a significant employer, with millions of people working in the sector around the globe.
The industry has come under scrutiny due to its impact on the environment. Still, it remains a vital part of the world economy and an essential energy provider.
Are the Oil and Gas Industry Dying?
There’s been a lot of talks lately about the death of the oil and gas industry. And it’s true; the sector has been facing some tough times. According to data from S&P Global, the oil and gas industry was ranked last among all sectors of the S&P 500. That said, it’s important to remember that these industries have been through tough times before, and they’ve always bounced back.
So, is the oil and gas industry dying? It’s hard to say for sure. But if history is any guide, we shouldn’t write off these industries just yet.
Is the Oil and Gas Industry Growing?
The oil and gas industry bounced back in 2021, with oil prices reaching their highest level in 6 years. The production cuts from earlier in the year helped support prices and reversed the slide in the industry outlook.
One thing to watch is rising costs, which could eat into profits if not managed carefully. Overall, the industry is back on track and poised for continued growth in the coming years.
What Percentage of the U.S. Economy are Oil and Gas?
A little over 8% of the United States’ GDP comes from oil and gas production. The oil and gas industry is a vital part of the U.S. economy, and it plays a crucial role in powering our country.
In addition to producing gasoline, diesel fuel, and other petroleum products that we use every day, oil and gas companies also provide jobs for millions of Americans.
While 8% may not seem like a lot, it’s a significant contribution to our nation’s economy. And as we continue to develop new ways to power our homes and businesses, the oil and gas industry will continue to be an important part of our economy.
Bottom Line: Oil and Gas Industry Statistics
The oil industry is everywhere, yet it’s remained below the radar for many people. It’s a vital part of the global economy, but it’s also faced some challenges.
We outlined some of the most shocking and revealing statistics about the oil and gas industry. So, keep these facts in mind the next time you fill up your car or turn on your lights.
Now that you know some of the most important oil and gas industry secrets, you can make more informed decisions about your energy use and where you get your power.
- Library of Congress
- U.S. Bureau of Labor Statistics
- Center for Disease Control and Prevention