Companies need to understand that any actions that are taken within the Oil and Gas industry will affect many other related industries in the eco systems. It is undeniable that Oil and Gas have been major contributing factors towards other industry. However, the constant questions have been discuss in various institution is if the industry may able to support the economy or there will be a drastic change. Aberdeen Oil Industry Insights would like to share some information we came across.
According to the American Petroleum Institute, a study was carried out by PricewaterhouseCoopers and found out that the oil and gas industry plays a major role in the American Economy and what happens in the industry will have a chain of reaction throughout the entire economy. The study states that, the industry supports more that 9 Million Amercian jobs and makes significant economic contributions as an employer and purchaser of American goods and services. Although the study was carried out in 2009, it indicated that the industry supported a total value added to the national economy of more than $1 trillion or 7.7 percent of the U.S. gross domestic product. Further study was carried out in 2012 and the table below indicated how Oil and Gas supports other sector.
Source for this Article was researched by Aberdeen Oil Knowledge Transfer Team – Industry Insights. Related reference material can be found at:
by Aberdeen Oil
Aberdeen Oil Industry Insights was established in year 2014 by Aberdeen Oil Team to share knowledge and information to the Oil and Gas Industry. We believe that being an Oil and Gas services provider within the industry it is our responsibility to share information to the industry. We have created many jobs directly and indirectly to support the economy. As the uncertainty within the oil and gas sector due to oil price, many other industries may also face their own challenges. According to Peter Parry, global practice leader of Bain's Oil and Gas practice, Planning is about getting the fundamentals right. Peter says that there are five fundamentals that successful companies will need to get right in order to prosper in 2015.
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