The impact of the COVID-19 pandemic that plagued the world for the better part of 2020 has yet to be fully understood. In addition to the global health crisis, the pandemic delivered a shock wave to Main Street in communities from coast to coast. As the American economy begins to recover from last year’s downturn, one thing is certain: the energy industry is leading the charge.
PricewaterhouseCoopers (PWC) recently released a report detailing the economic impact of the energy sector in the United States including direct impacts such as employment and production. The report also explores the indirect impact on industry on the supply chain and employee spending.
Based on figures from 2019, the industry was responsible for 11.3 million jobs, which translates to 5.6% of the nation’s total employment. The oil and natural gas industry alone contributed nearly $1.7 trillion to the U.S. economy. What’s unique about the industry is its presence in all 50 states. The industry reached well beyond those that are considered “energy states.” Energy is responsible for heating homes, fueling transportation, and manufacturing products used in every day life.
Energy producers make daily life possible, indeed better, for all Americans including those in communities of color. As a country, we are looking to emerge from the pandemic’s grip and restore the economy to health while reliably meeting our energy needs and protecting the environment. At this pivotal moment, everyone benefits from more fully understanding how the energy industry provides power to individual businesses and consumers and fuels the economy as a whole and in its diverse communities.