Unconventional Oil & Gas To Support Nearly 1 Million Texas Jobs By 2020
by: Andrew Schneider, December 20, 2012 4:12:00 am
The study finds some 576,000 Texans are now in jobs linked to unconventional oil and gas. They account for roughly half the industry jobs in the 16 states now producing unconventional fuels. John Larson is a vice president with IHS.
“That total job growth over the next eight years, if you will — as we sort of step out of this long, slow recovery cycle — will nearly double, and almost reach a million jobs by 2020.”
Larson says such activity will also give state and local finances a boost.
“The revenues we found in total for both federal and state taxes coming from Texas are about $22 billion. So what the state and local taxes will retain, if you will, out of that portion is about $10.2 billion in 2012.”
All told, IHS estimates unconventional energy will contribute more than $100 billion to the state’s economy for this year.