Wednesday, January 9, 2013

Perspective: US Oil and Gas Industry Would be the World's 16th Largest Economy

A recent PricewaterhouseCoopers study, entitled "Economic Impacts of the Oil and Natural Gas Industry on the US Economy in 2011" demonstrates how important the industry is to the US economy.  Based on this study, if the United States' oil and gas industry by itself was a standalone country, it would rank as the 16th largest economy in the world.  Just in 2011 alone, the United States' oil and gas industry accumulated 1.1 trillion dollars toward the US total gross domestic product.   

For the visual learners, see the Dr. Mark Perry's blog, along with a write-up on the study.  As you can see, the United States' oil and gas industry ranks close to the same size as the entire economy of Mexico and South Korea. 

With this study as a backdrop, how should the size of the United States' oil and gas industry affect energy policy?

C. Michael Daily is an attorney with the long-established law firm of Daily & Woods, P.L.L.C.  Mr. Daily can be contacted by telephone at 479-242-3953, by email at mdaily@dailywoods.com, or by regular post at 58 South 6th Street, Fort Smith, Arkansas 72902.  You can follow Mr. Daily via social network using any of the social network links in the right hand column of the page.  Disclaimer:  This blog is for informational purposesis certainly not to be considered legal advice and is absolutely not substitute for any of the benefits that are associated with the attorney-client relationship.