The American Petroleum Institute (API) has released a new report and I wanted to share the news with you. There is a link to the full report below:

The U.S. oil and natural gas industry supports two million jobs in Texas and 24% of the state’s economy, according to a new study commissioned by API and conducted by PricewaterhouseCoopers LLP.

API President and Chief Executive Jack Gerard said the president and Congress should keep the study’s findings in mind as they debate greater access to domestic oil and natural gas and higher taxes on energy.

“Increasing energy taxes raises costs for businesses, which may impact consumers, and it threatens the two million jobs our industry supports in Texas,” Gerard said. “Higher taxes would also depress energy production over the longer term, reducing royalties and income taxes collected by the government.”

The new report updates data from a previous report and shows that, between 2007 and 2009, the economic activity supported by the industry nationwide actually increased in size as a percentage of U.S. GDP, from 7.5 to 7.7%. The industry supports 9.2 million jobs in the U.S.

“The people of the U.S. oil and natural gas industry are the backbone of our economy,” Gerard said. “They provide most of the nation’s energy, spurring job growth across America. Even during times of economic recession, the oil and natural gas industry stands strong.”

Click here for a copy of the new study.

API represents more than 470 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America’s energy, supports 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers $85 million in revenue to our government every day, and, since 2000, has invested nearly $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.