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OIL INDUSTRY SHARES JOB GROWTH WITH GENERAL ECONOMY

The use of new oil and gas technology is creating over four times the amount of job opportunities than that of any other industry. Because the introduction of hydraulic fracturing has increased the production of reliable and affordable petroleum, it is creating a copious amount of jobs in sectors inside and outside the oil industry.

Petroleum is used for many products other than gasoline. It is used for jet fuel and bunker fuel that is all used to fuel transportation vehicles for business and luxury. Petroleum is used to make materials such as asphalt to pave roads; synthetic rubber for car tires and shoes and synthetic fibers for curtains, carpets and clothing. Petroleum is also essential for heating oil to fuel household and company furnaces. Even instances where you least expect Petroleum to be used, it is present. Items such as medicine, makeup, detergent, fertilizers, film, paint and candles all contain some amount of Petroleum.

Because oil is a critical factor in the lives of Americans, creating more efficient and affordable ways of obtaining it creates jobs within professional, scientific and technical services; oil and gas; computer and electronic product manufacturing; and retail trade.

According to a study by Regional Economic Models Inc. (REMI)  for Common Sense Policy Roundtable (CSPR), “the addition of 5,000 oil and gas jobs would result in a net increase of 19,048 jobs in the general economy.” Not only will this open up new job opportunities within our own markets, foreign companies are relocating their businesses and bringing them to the United States.

According to Robert D. Hormats, U.S. Under Secretary of State for Economic Growth, “The increasing availability of U.S. energy at low prices has made many companies rethink their strategies of locating abroad, and others to return to this country…this is having an impact on U.S. reindustrialization.” Creating more jobs creates more countrywide revenue and disposable income per household, which results in economic growth for our country.

Here at Payson Petroleum, we want to do our part by finding new resources and drilling wells. If you’d like more information on this topic, or would like to get to know us further, please visit us at www.paysonpetro.com or email us at contact@paysonpetro.com.