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The oil and gas industry is one of the leading industries in Louisiana in terms of economic impact, taxes paid and people employed.
An economic impact study conducted by economist Dr. Loren Scott in 2014 shows that the total direct and indirect impact on the state is approximately $73.8 billion. The direct impact comes from the taxes, royalties, fees, salaries, and other money spent in Louisiana by the oil and gas industry. The indirect impact results from the salaries and wages earned by oil and gas employees being spent in the state as well as service companies, which do business with oil and gas companies and then do business with other companies.
- The oil and gas industry in Louisiana paid nearly $1.5 billion in state taxes in fiscal year 2013, about 14.6% of total taxes, license and fees collected by the state.
- The state government collected another $1,438,000,000 in taxes indirectly, through household earnings generated by these industries.
- The extraction, refining and pipeline industries paid $410 million in ad valorem taxes to local governments in 2013.
The Louisiana oil and gas industry is one of the leading employers in the state. It is estimated that on average, each industry job supports four other jobs in other sectors in the state, according to a study by Dr. Loren Scott.
- Energy jobs and earnings were found in all of Louisiana’s 64 parishes in 2013.
- The industry generated over $20.5 billion in household earnings (direct and indirect) for Louisianans and supported 287,008 jobs in the state in 2011.
- 64,669 workers were employed in the extraction, pipeline and refining industries in 2013 --- A number approximately equal to the 2012 population of Acadia Parish, the 18th most populous parish in the state.
- Nearly $5.9 Billion in wages paid for Louisiana households in 2013 --- 7.2 percent of the total covered wages in the state that year.
Putting America to Work (Source: API)
Industry supports $9.2 million American jobs
Industry adds more than $1 trillion for the U.S. economy, which is equal to about 7.5 percent of our nation’s wealth
Industry contributes $85 Million a day in revenue to the federal government
Since 2000, industry has invested more than $2 trillion in U.S. capital projects to advance all forms of energy.