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