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IMPLAN Blog

Fueling Growth: The Impact of US Crude Oil’s Production Surge

February 20, 2024 by IMPLAN Staff

In the wake of a remarkable surge in US crude oil production in 2023, the nation's economic landscape has witnessed a profound transformation, with ripple effects resonating across industries and occupations. The latest insights gleaned from IMPLAN Cloud paint a vivid picture of how the surge in oil production has become a harbinger of employment growth and economic prosperity.

According to recent earnings reports and data analysis, US crude oil production experienced a substantial uptick of approximately 8.5% in 2023. This surge, as reflected in the robust performance of industry giants such as Exxon, Chevron, and Shell, underscores a burgeoning trend in the energy sector.

Delving deeper into the analysis reveals the pivotal role played by states like Texas, Oklahoma, and Colorado, which collectively account for over 65% of the total US oil and gas production. With Texas leading the charge at 50.9%, followed by Oklahoma at 9.9%, and Colorado at 5.1%, these states form the backbone of America's energy landscape.

However, the impact of increased oil production transcends the confines of the energy sector, permeating diverse industries and occupations across the nation. The analysis unveils a cascade of employment opportunities, illuminating the interconnectedness of the economy and the profound implications of energy sector growth.

Highlighted below are some noteworthy findings from the analysis:

Top 5 Industries Gaining Employment:

  1. Custom Computer Programming Services (+17,000 jobs)
  2. Management of Companies and Enterprises (+8,000 jobs)
  3. Restaurants (+9,000 jobs)
  4. Employment Services (+8,000 jobs)
  5. Hospitals (+3,000 jobs)

Top 5 Occupations Gaining Employment:

  1. Computer Occupations (+10,000 jobs)
  2. Business Operations Specialists (+7,000 jobs)
  3. Material Moving Workers (+6,000 jobs)
  4. Food and Beverage Serving Workers (+5,260 jobs)
  5. Retail Sales Workers (+5,000 jobs)

These findings underscore the multifaceted benefits of increased oil production, transcending traditional boundaries and catalyzing job creation and economic growth across a spectrum of industries and occupations.

As Exxon, Chevron, and Shell continue to chart record profits, the resurgence of the US energy sector stands as a testament to the nation's resilience and capacity for innovation. Moving forward, the momentum generated by the surge in oil production promises to fuel further economic expansion, creating pathways to prosperity for communities nationwide.

To find out how you can run an analysis with IMPLAN to discover information like this behind your own industry or business decisions, schedule a demo with our team today!

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Topics: Economics

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