The United States has become the fastest growing oil and natural gas producing area of the world and is now the most important marginal source for oil and gas globally, according to the "Citi GPS: Energy 2020, North American, the New Middle East?" report. Add to this Canada's steadily growing production and a comeback in Mexican production and you get to a higher growth rate than all of the Organization of the Petroleum Exporting Countries can sustain, the report added.
This new phenomenon correlates to jobs. The new scenarios for production and consumption not only creates new jobs directly in the hydrocarbon extraction sector but also through broader job creation, stated the report.
With many graduates coming out of the pipeline, now is the time for the oil and gas industry to reinforce to college graduates the positive impact and critical importance of the industry for the local, state and national economy. At the national level, the industry employed 971,200 people in the first half of 2012, up 7 percent from 2011, with the industry paying a national annualized wage of $107,200 in 2012, 119 percent more than the average private sector wage of $48,900, according to the Texas Independent Producers and Royalty Owners Association (TIPRO).
Currently, the industry contributes more than $61 billion in revenues to government, with the amount rising to more than $111 billion by 2020, assuming no changes to the industry's tax incentives.
Considering recent forecasts that the United States may soon overtake Saudi Arabia as the world's largest oil producing country, employers in North America demand more highly-skilled workers compared to other sectors and are more likely to recruit recent college graduates, according to the National Association of Colleges and Employers (NACE).
By 2020, the industry is projected to add 550,000 new jobs directly created in the oil and gas extraction sector with some 2.2 million to 2.3 million new jobs created directly from the resulting economic stimulus effects of new production by that same year, according to Citi Investment Research and Analysis.
Furthermore, the report predicts that 785,000 new jobs could be created as the improved efficiency in the U.S. consumer profile frees up consumer incomes for other spending and job-creating economic activity. These numbers could create some 3.6 million new jobs, reducing the national unemployment rate by about .8 percent by 2015 and by 1.1 percent by 2020.
NACE recently forecasted the top 10 degrees in North America that employers need and are recruiting for, proving that 2013 is a good year to be a graduate. This year, employers and recruiters plan to hire an additional 13 percent of new college graduates than last year, according to the survey. With each degree listed, the U.S. Bureau of Labor Statistics provided 2010's median pay and occupations that fall under the degree.
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