An economic analysis by Texas Oil and Gas Association (TXOGA) Chief Economist Dean Foreman shows increased employment and wages in the state’s oil and natural gas industry .
Data from the U.S. Census Bureau and the Texas Workforce Commission show that direct employment in the Texas oil and natural gas industry increased 8.1 percent year-over-year (y/y ) from 445,222 jobs in the first quarter of 2022 to 482,557 jobs in the first quarter. quarter of 2023, TXOGA noted in its press release.
TXOGA added that industry wages also increased significantly, increasing by 22.0 percent annually from approximately $16 billion in the first quarter of 2022 to $19.5 billion in the first quarter of 2023.
“Oil and natural gas employment in Texas expanded for the eighth consecutive quarter, and the first quarter 2023 growth rate of 8.1% year-over-year ranked among the strongest 15% of all the quarters since 1990,” Foreman said. “Notably, the $19.5 billion in total wages was the industry’s highest payout on record, demonstrating the industry’s resilience in the face of continued challenges with labor supply and cost escalation”.
“Despite a slowdown in the rig count that could have a downward impact on these numbers going forward, this analysis gives legitimate reason for optimism and is continued evidence of the irreplaceable role of oil and natural gas demand in our modern society,” TXOGA said. President Todd Staples. “However, growth is not guaranteed, and it is critical that we remain committed to promoting policies that promote domestic production, keep jobs and profits here at home, and reduce our dependence on foreign nations to meet our energy needs.” .
To contact the author, please email andreson.n.paul@gmail.com
