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10 14, 2020 by LMOGA
Energy supports nearly 250,000 jobs and $73 billion for La. economy
A new report released by the Louisiana Mid-Continent Oil and Gas Association (LMOGA) today shows Louisiana’s oil and natural gas industry supported 249,800 jobs and contributed $73 billion to the state GDP in 2019.
“It is clear the energy industry is critical to Louisiana’s economy, creating jobs, boosting the economy and raising the quality of life for residents across the state,” said Tyler Gray, president of LMOGA. “Our state’s economic future depends on a strong, robust oil and natural gas industry and the safe, responsible delivery of energy resources for all.”
“It is clear the energy industry is critical to Louisiana’s economy, creating jobs, boosting the economy and raising the quality of life for residents across the state.”
The report highlights the oil and natural gas industry’s direct economic activity in Louisiana as well as the indirect and induced jobs and economic value added to the economy. The industry accounted for nearly $4.5 billion of state and local tax revenue in 2019, which represents 14.6 percent of total state taxes, licenses and fees collected. Much of this revenue stream finds its way into local economies and helps provide critical operating resources for local governments.
Oil and gas operations support approximately one out of every nine of the state’s jobs, many of which provide annual wages which are significantly above the state average. The 249,800 jobs supported by industry generated $14.5 billion in wages to in-state workers.
“The oil and natural gas industry is the foundation of local communities all across the state, supporting generations of Louisiana families,” said Lori LeBlanc, Executive Director of the Gulf Economic Survival Team (GEST). “The findings of this report reinforce the need for policies and initiatives that promote economic growth and encourage industry investment to move our state forward.”
Louisiana supported the production of 738 million barrels of crude oil and lease condensate, 3.81 trillion cubic feet natural gas, and 102.4 million barrels of natural gas plant liquids in 2019. At the point of first sale, these production volumes amounted to a total value of $55.5 billion in the state. Recently constructed LNG export operations also provided $7.1 billion in output value in the state in 2019.
LMOGA provided funding for this report to ICF in partnership with the American Petroleum Institute. View the full report and methodology.
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