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Oil & Gas Growth Along the Entire Supply Chain

Oil & Gas Growth Along the Entire Supply ChainThe oil and gas boom continues into 2014, and its impact is broad to a myriad of industries and suppliers. The oil and gas boom is producing millions of jobs with the hydrocarbon sector creating jobs faster than Silicon Valley. Employment is up 40% in the oil and gas fields since the recession began in late 2007. Every one of the ten states like Texas, Oklahoma, and North Dakota, where hydrocarbon production is on the rise, overall employment growth has outperformed the nation.

Direct employment in the oil and gas industry rose 40% from 2007 through 2013. Compare that to the paltry overall U.S. economy and job growth in the same period. The resulting jobs are not just temporary but an essential part of building middle-class jobs ranging from information services to training, health care, housing, education, and related manufacturing.

Since mid-2009 U.S. oil production has risen 60% along with a 50% collapse in oil imports, the impact has been billions of dollars in new economic value. New plant and equipment investment has increased among industries that use petroleum products such as agriculture, plastics, and pharmaceuticals, along with suppliers and services to these industries.

Over 75% of America’s oil and gas production comes from some 20,000 companies. These small and midsize companies and thousands more in the supply chain are reaping the benefits of the oil boom. The U.S. shipping industry is experiencing a growth of its own as demand increases for the ability to move oil and liquefied natural gas between U.S. ports or overseas. U.S. shipbuilders have their substantial growth experiencing their most massive boom in more than 20 years, according to the U.S. Department of Transportation.

Even the importance of ports in the US is shifting. Mid-year in 2013, the Port of Houston surpassed the port of New York City becoming the nation’s top export market.

The top exports were:

  • Petroleum and coal products –  $36.6 billion
  • Chemicals – $31.2 billion
  • Machinery, except electrical – $15.2 billion
  • Computer and electronic products – $6.7 billion
  • Oil and gas extraction – $5 billion

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