The Ultra Liberal World Economic Forum is giving high marks to the Oil & Gas Industry for creating 37,000 jobs directly related to the industry. That is 9% of all jobs created last year plus another 111,000 "indirect or induced jobs."
Not only are these high-paying jobs, but they also have a positive impact throughout the economy, according to the report.
"Since the United States is a leader in many aspects of the oil & gas industry supply network, a large portion of the dollars spent by the oil & gas industry support U.S. job creation".
The report also states the many benefits to the larger economy like increasing GDP in 2013 by 1.1%, adding over 1 million jobs in 2014 as well as an increase of 17% in industrial production by 2017.
Yet despite all of the positives of a vibrant and emerging oil and gas industry, our president does not have the foresight nor the economic sense to approve one of the biggest job generating projects in recent history - the Keystone XL Pipeline. A project that by itself would add 25,000 jobs immdiate and bring in close to a million barrels of much needed crude oil into the lower 48 states. Instead our president bows and defers to environmentalist wack jobs who want to kill and shut down all drilling in the U.S. and it's shores.
It is clear from this report that the oil & gas industry are here to stay as long as they continue to generate so many positives to our economy. To not put oil production at the top of any domestic energy plan is foolish and irresponsible. Keeping your tires inflated and telling Americans to drive less is not my idea of an Energy Plan.