The number of full-time jobs supported by the oil and gas industry in 2022 compared with 2012 represents a 42.2 percent increase, a rate of growth that almost doubles the estimated 21.7 percent growth in total employment in the area for the same period, the report noted.I assume this is exactly what will happen in the Bakken, western North Dakota. A 40%-growth rate in full-time jobs over ten years is not trivial.
Rigzone is reporting:
Oil and gas activity in 2012 had an economic impact of nearly $14.5 billion in a 10-county area of West Texas, and supported nearly 21,450 full-time jobs and paid $1 billion in wages and salaries.
The oil and gas industry also generated almost $472 million in state revenues in 2012 – including $187 million in severance taxes – and added approximately $6.2 billion in gross regional product, and contributed nearly $447 million in local government revenues.
The number of full-time jobs supported by the oil and gas industry in 2022 compared with 2012 represents a 42.2 percent increase, a rate of growth that almost doubles the estimated 21.7 percent growth in total employment in the area for the same period, the report noted.A second story from same issue of Rigonze. Reuters is reporting:
The pace of U.S. oil production growth will begin to slow in 2015, even as global demand continues to rise, allowing OPEC to pump more crude for the first time in three years, U.S. government forecasts showed on Tuesday.
In its first projections for 2015, the U.S. Energy Information Administration said U.S. output will rise by 9 percent or 750,000 barrels per day next year to reach 9.3 million bpd, the highest in 43 years.
That rate may seem heady but is less than the breakneck 1 million bpd growth seen last year and forecast for 2014, the result of the biggest oil boom in a generation as fracking and horizontal drilling technologies make millions of barrels in domestic on-shore oil reserves more accessible.
The data arm of the U.S. Department of Energy, like many other analysts, has consistently underestimated the scale of the U.S. shale oil boom and these estimates may yet prove low, analysts said.
"I think the EIA recognizes that they have been too conservative and is marking to market now," said Katherine Spector, with Canadian bank CIBC in New York.