Oil and natural gas furnish about three-fifths of the U.S. energy needs—fueling homes, workplaces, factories, and transportation systems. In addition, they constitute the raw materials for plastics, chemicals, medicines, fertilizers, and synthetic fibers such as textiles, paints and dyes. It is also important for fueling many industrial operations, including glass and steel foundries, aluminum or nickel smelters, and many manufacturing industries.
US Industry Revenues (2014): 1.2 Trillion
US Industry Revenues (2015 Estimate): XXX
US Industry Employment (2014): 9.8 Million
Working conditions in the oil and gas industry vary significantly by occupation. Most workers in oil and gas well operations and maintenance work either on land or offshore. On land, drilling crews usually work 6 days in a row, 8 hours a day, and then have a few days off. In offshore operations, workers can work 14 days in a row, 12 hours a day, and then have 14 days off.
The average domestic salary for production jobs in the oil and gas industry is an estimated $96,844, more than double the average salary for other U.S. occupations outside of the oil and gas industry. The average nonsupervisory worker in the oil and gas extraction industry work 43.5 hours per week.
For oil and gas production jobs, physical strength and stamina are necessary. This work involves standing for long periods, lifting moderately heavy objects, and climbing and stooping.
Important locations of the shipbuilding industry within the U.S. include the following:
- North Dakota
- New Mexico
The oil and natural gas industry is one of the world's largest industries. Oil is directly responsible for about 2.5% of world GDP, and accounts for one third of humanity’s primary energy supply. The impact of the shale revolution on US gross domestic product (GDP) was estimated to double over the next decade, rising from $284 billion in 2012 to an estimated $533 billion in 2025.
The industry has emerged as the top job creating sector in the nation, and the energy boom has driven job growth for a fourth straight year. Direct employment in the oil and gas industry rose 40% from 2007 through 2013, as compared to a decline of about 3% in the overall U.S. economy. More than 100 new plants and factories are planned to come online by 2017, resulting in another $300 billion added into GDP and 1 million more jobs created.