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25 SEPTEMBER 2009
Study Shows Oil & Natural Gas Industry Brings 9.2 Million Jobs to US Economy
Anti-energy policies from Congress put 7.5 percent of the U.S. GDP at risk.
WASHINGTON, D.C. – A new study by PriceWaterhouseCoopers reports that the US Natural Gas and Oil industry supports:
• 9.2 million American jobs
• Contributes more than $1 trillion to the national economy
• Provides for 7.5 percent of the U.S. GDP
The study also illustrates the effect of oil and natural gas on almost all aspects of the economy. The study states, “The oil and natural gas industry currently supplies more than 60% of the nation’s total energy demands and more that 99% of the fuels used by Americans in their cars and trucks, while 900 of the next 1000 U.S. power plants are projected to use natural gas.”
The 1,427-page Waxman-Markey Cap-and-Trade bill, which passed the house by the slim margin of seven votes, seeks to penalize not just energy producers, but everyone who uses energy as well.
“The significance of this industry to the American economy cannot be overlooked,” said ATR President Grover Norquist. “The fact that the Pelosi-Reid-Obama agenda wants to raise taxes on every American family, send these jobs overseas and limit domestic energy development should be a wake-up call to every single voter. Penalizing energy producers who provide work for almost ten million people when unemployment is near ten percent is never a good idea.”
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