Oil producers’ under-appreciated role in U.S. economy: Kemp

Oil producers’ under-appreciated role in U.S. economy: Kemp

Reuters | January 21, 2015 | by John Kemp

For private industry as a whole, an extra 4.2 million FTE jobs were created over the period, an increase of just 4 percent. Oil and gas extraction therefore accounted for 7 percent of all jobs created in the economy between 2002 and 2013. And oil and gas-related jobs are also among the best-paying in the entire economy, according to the BEA. Average wages and salaries per FTE for oil and gas extraction ($157,275) were almost three times the private sector average ($55,424) in 2013. Average wages and salaries in the support sector ($85,432) were also well above the national average.

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