Texas’ upstream oil and gas sector added 8,766 net jobs during the first half of 2021 when compared to the second half of 2020, the Texas Independent Producers and Royalty Owners Association (TIPRO) reported Friday.
“Demand for our product and commodity prices are continuing to improve, with some analysts forecasting the largest increase in global oil demand ever in the coming months,” TIPRO President Ed Longanecker remarked in a written statement emailed to Rigzone.
Citing the Current Employment Statistics (CES) report from the U.S. Bureau of Labor Statistics (BLS), TIPRO pointed out that Texas’ upstream employment totaled 168,450 from January to June of 2021. The majority of gains for the period came from the oil and gas services sector, added the trade association, which represents more than 3,000 independent oil and gas producers and royalty owners throughout Texas.
Although the Lone Star State’s oil and gas sector experienced challenging market conditions over the past year, the industry still provided the state significant economic support during the downturn, TIPRO noted. The organization stated that its analysis for upstream, midstream, and downstream employment reveals the industry employed more than 347,000 direct workers in 2020 and supported another 2 million indirect jobs in the state. Also, it found that Texas’ oil and gas industry’s total direct gross regional product (GRP) – the GDP for a region of study – amounted to more than $278 billion last year. The GRP figure equates to 15% of Texas’ economy, TIPRO observed.
“The Texas oil and gas industry is resilient and will remain a cornerstone of our state economy for decades to come,” commented Longanecker. “While the job losses were significant last year for many sectors, improving market conditions will further strengthen employment opportunities for Texas families and the tremendous economic benefits provided by oil and natural gas production in our state.”
To contact the author, email email@example.com.