Economic Contribution of the Oil and Natural Gas Industry in 2023

This technical report quantifies the economic contribution of the oil and natural gas industry to the US economy for the calendar year 2023. It outlines the industry's role in supporting employment, labor income, and value added at national, state, and congressional district levels. The analysis, prepared by PwC for the American Petroleum Institute, identifies three key channels of economic effects: direct effects from employment and investment within the industry, indirect effects from the industry's purchases of goods and services, and induced effects from household spending related to the industry. The findings indicate that the industry supported approximately 10.6 million jobs, accounting for 4.9 percent of total US employment. It also contributed significantly to labor income and GDP, with total tax contributions reaching $570.1 billion. The report includes detailed results by state and congressional district, illustrating the industry's extensive economic impact across various sectors.