The American Petroleum Institute (API) recently released a new analysis of the oil and natural gas industry's economic impact on Louisiana's economy. The analysis highlights the importance of the industry to the state's post-pandemic recovery and its workforce.
The study, prepared by PricewaterhouseCoopers (PwC) and commissioned by API emphasizes that Louisiana's oil and natural gas industry supported more than 345,000 jobs across the state in 2019. Louisiana ranked among the highest in the nation for the percentage of total economic contributions by the industry, generating $59.2 billion of the state's gross domestic product.
According to the analysis, in 2019, the industry directly and indirectly:
Supported 345,760 total jobs (105,310 direct and 240,450 indirect) or 12.6 percent of Louisiana’s total employment.
Generated an additional 2.3 jobs elsewhere in Louisiana’s economy for each direct job in the state’s natural gas and oil industry.
Provided $25.0 billion in labor income ($12.7 billion direct and $12.3 billion indirect) to Louisiana, 16.8 percent to the state’s total.
Contributed $59.2 billion to Louisiana’s gross domestic product ($38.6 billion direct and $20.6 billion indirect), 23.0 percent to the state’s total.
