By Ed Longanecker, president of the Texas Independent Producers & Royalty Owners Association (TIPRO)
July 18, 2018
Austin, Texas – The oil and gas industry remains one of the most resilient and impactful sectors in the country, despite ongoing efforts by some to derail domestic production based on an ideology, not science, and certain ill-conceived policies carrying unintended consequences threatening to restrict the E&P sector.
Though operators have welcomed a reprieve from overly burdensome federal regulations targeting the oil and gas industry under President Trump, newly implemented tariffs on steel and aluminum products by the Trump Administration already are having a negative impact on infrastructure development and drilling projects throughout the country.
Not yet feeling the full effect of the newly-implemented tariffs, the Texas oil and natural gas industry has continued to expand in 2018. More than 2,560 net new jobs were added to the state economy in the first half of year compared to 2017, for a total of 328,376 workers directly employed by the industry, subject to revisions. These positions command an average salary of $128,000 per year, 132 percent more than average private sector wages in Texas, for a total payroll of $42 billion in the state. The following is a breakdown of the various oil and gas sectors used to define the industry and the related employment…