African Americans, Latinos Can Benefit From Growth In US Oil and Natural Gas Development
API President and CEO Jack Gerard met with African American and Latino organizations and companies today and discussed a new report by IHS Global Insight showing the oil and natural gas industry is in a strong position to expand its workforce with minority employees. According to Gerard:
“The industry has a great story to tell, polls show that job creation is a top priority for Americans, and the oil and natural gas industry will be a key driver for those new jobs for all Americans. Research shows that half of our industry will turn over in the next seven to 10 years, and with the expansion of shale energy and other oil and natural gas development, we have an unprecedented opportunity for job growth across the country that will benefit Americans from every community.”The new IHS study, API Employment Outlook for African Americans and Latinos in the Upstream Oil and Natural Gas Industry, analyzes the employment outlook for African American and Latino workers based, in part, on a recent Wood Mackenzie study. Among the IHS study’s findings:
• With the right policies, 166,000 of the new oil and natural gas jobs created by 2020 could be expected to be held by African American and Latino workers. That would be 31 percent of the projected 525,000 new job opportunities.
• By 2030, that number could jump to more than 285,000 (35 percent of the projected 811,000 new job opportunities).
• More than 50 percent of all jobs created would be high-paying skilled and semi-skilled blue collar jobs with a significant range of opportunities at the scientific/managerial level, e.g., petroleum engineers, most of which require a college degree.
• Over half of the job growth, 417,000 jobs, is expected in the Gulf region. The East region is expected to contribute nearly 140,000 job opportunities and the Rockies region nearly 116,000 job opportunities. The West, Alaska, and Central regions will combine to contribute approximately 138,000 job opportunities.
API is a national trade association that represents all segments of America’s technology-driven oil and natural gas industry. Its more than 500 members – including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms – provide most of the nation’s energy. The industry also supports 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers $86 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives. (API)