Economic Impact of the Oil and Natural Gas Industry in 2021

This report is a technical document that quantifies the economic impact of the oil and natural gas industry on the United States economy for the year 2021. It outlines the three channels through which the industry affects the economy: direct impacts from employment and production, indirect impacts from the industry's purchases of goods and services, and induced impacts from personal spending by employees and shareholders. The American Petroleum Institute commissioned PwC to provide these estimates, which reveal that the industry supported approximately 10.8 million jobs, accounting for 5.4 percent of total US employment. The report details the labor income generated, totaling $908.7 billion, which represents 6.4 percent of national labor income, and indicates the industry's contribution to the GDP, which was nearly $1.8 trillion, or 7.6 percent of the national total. The findings also highlight the geographical distribution of jobs supported by the industry across various states and congressional districts, demonstrating its extensive economic influence.