New economic study demonstrates oil and gas industry’s significant contribution to the California economy.
Our industry’s role as a vital contributor to the California economy has once again been significantly reinforced by a new economic impact study titled “2019 Report Oil and Gas in California: The Industry, Its Economic Contribution and User Industries at Risk in 2017”, published by the Institute for Applied Economics of the Los Angeles County Economic Development Corporation (LAEDC).
The report shines an important spotlight on the critical role our industry plays in the Golden State with valuable statistics to tell our story, including:
- Nearly 366,000 jobs in California are supported by the oil and gas industry – that’s enough people to fill every NFL stadium in California more than 1.5 times!
- More than $152 billion in total economic output was added to the California economy in 2017 – that’s nearly 7.5 times more than the impact of the state’s agricultural exports!
- $26 billion was paid in wages to all workers supported by the oil and gas industry.
- $21.6 billion was contributed in local, state and federal tax revenue to support schools, roads, public safety and other vital services.
The report further illustrates the high-wage career opportunities afforded to individuals across the skills and education spectrum, details the massive fiscal contributions provided to state and local governments, and definitively shows us that the oil and gas industry is critical for the stability, and future of the state’s economy.
On a local level, the report explores the economic contribution at the sub-regional, county and district levels, underscoring how far-reaching the effects of the industry’s activity is felt in communities across the state. For example, in rural areas like Modoc County, there are less than 10,000 residents and the oil and gas industry injected more than $2.2 million into the local economy in 2017. And in Los Angeles County, where more than 77,500 jobs are supported, $6.2 billion was added in total local economic contribution.
Below are factsheets that demonstrate the tremendous impact of the oil and gas industry statewide, and in regions and counties across California.