Ripple Effect of Black Crude
Sep 14th, 09
Non Profit Corporations are struggling in the current economy. Perhaps the average oil and gas investor looking for a viable opportunity to participate in drilling an oil well can take some pride in how those at risk dollars may be helping more than just finding oil...
Big Oil: Our Industry Will Save The Economy!
Gayathri Vaidyanathan|Sep. 11, 2009, 3:52 PMBig oil is our savior.
That's what the oil industry says, anyway.
A new study by PricewaterhouseCoopers -- sponsored by the American Petroleum Institute -- says the unsung hero of the down economy is the oil industry, employing more than 9 million Americans:
PWC: The oil and natural gas industry is one of the largest employers in the country, with millions of people in exploring, producing, processing, transporting, and marketing oil and natural gas. Millions of jobs in other industries are supported by the oil and natural gas industry’s purchases of intermediate inputs and capital goods from other US producers. These businesses include equipment suppliers, construction services, management services, food services, and many other types of support services. These supporting businesses, in turn, purchase goods and services, spurring additional economic activities. Further, employees and business owners make personal purchases out of the additional income that is generated by this process, sending more new demands rippling through the economy.
The study says that the industry directly and indirectly contributed more than 7.8 million jobs to the national economy. And capital investment contributed another 1.4 million jobs, creating a total of 9.2 million full-time and part-time jobs in 2007.
That's 5.2% of the total U.S. employment and 7.5% of American GDP.
The report comes just as Congress is poised to take up the energy and climate change debate again as soon as focus moves from health care.
Source of Original Article:
Gayathri Vaidyanathan|Sep. 11, 2009, 3:52 PM. “Big Oil: Our Industry Will Save The Economy!”. http://www.businessinsider.com/big-oil-as-economic-savior-2009-9. sept. 14,2009