Full Title: Impacts of the Oil and Natural Gas Industry on the U.S. Economy in 2019
Author(s): PricewaterhouseCoopers LLP (PwC)
Publisher(s): PricewaterhouseCoopers LLP (PwC)
Publication Date: July 2, 2021
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Description (excerpt):
This report explores the economic impact of the oil and natural gas industry in the United States. These impacts are the result of three channels: direct impacts from the employment and production within the oil and natural gas industry; indirect impacts through the industry’s purchases of intermediate and capital goods from a variety of other US industries; and induced impacts from the personal purchases of employees and business owners both within the oil and natural gas industry and its supply chain, as well as from the personal spending by shareholders out of the dividends received from oil and natural gas companies.
The American Petroleum Institute engaged PricewaterhouseCoopers LLP (“PwC”) to quantify the economic impacts of the US oil and natural gas industry in terms of employment, labor income, and value added at the national, state, and Congressional District level. In addition, the economic impacts of the onshore upstream subsector of the industry in 14 states are also quantified. This report provides PwC’s economic impact estimates for 2019.