The energy sector has drastically outperformed the overall economy since 2007 on the back of the recent oil and gas production boom. According to a new study by the Small Business & Entrepreneurship Council (SBEC), the oil and gas sector directly added more than 293,000 jobs between 2005 and 2012. Overall, U.S. employers eliminated more than 378,000 jobs during that same time period.
Jobs grew by 46% in the oil and gas extraction sector and 61% in the drilling oil and gas wells sector. Jobs in the oil and gas operations support sector doubled and the oil and gas pipeline and field machinery and equipment-manufacturing sectors grew by roughly two-thirds.
The energy boom has had a dramatic impact on small businesses and entrepreneurship. While total U.S. employer firms declined by 5% from 2005 to 2011, oil and gas employer firms — including those with 200 or fewer employees — increased in all sectors.
SBEC also advocated for increased LNG exports, concluding it would result in enhanced GDP growth, rising incomes and more jobs. Domestic chemical manufacturers have spoken out against LNG exports due to the potential for higher feedstock costs as a result of rising gas prices.
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