'. . . it is critical that we remain committed to fostering policies that promote domestic production, keep jobs and benefits here at home, and reduce our reliance on foreign nations to meet our energy needs.”
Texas Insider Report: AUSTIN, Texas – Employment and wages across Texas’ oil and natural gas industry rose strongly through Q1 2023 according to a recently released economic analysis prepared by Texas Oil & Gas Association (TXOGA) Chief Economist Dean Foreman, Ph.D.
Data from the U.S. Census Bureau and Texas Workforce Commission show that direct employment in Texas’ oil and natural gas industry rose 8.1% year-over-year (y/y) from 445,222 jobs in Q1 2022 to 482,557 jobs in Q1 2023. Industry wages also rose significantly, rising 22.0% y/y from approximately $16 billion in Q1 2022 to $19.5 billion in Q1 2023.
“Employment in Texas’ oil and natural gas industry expanded for an eighth consecutive quarter, and the Q1 2023 growth rate of 8.1 percent y/y stood among the strongest 15 percent of all quarters since 1990,” said Foreman. “Notably, the $19.5 billion of total wages was the industry’s highest outlay on record, which shows this industry’s resilience in the face of continued challenges with labor supply and cost escalation.”
“Despite a slowdown in rig count which could have a downward impact on these numbers in the future, this analysis gives rightful cause for optimism and is continued evidence of the demand for oil and natural gas’ irreplaceable role in our modern society,” said TXOGA President Todd Staples. “However, growth is not guaranteed, and it is critical that we remain committed to fostering policies that promote domestic production, keep jobs and benefits here at home, and reduce our reliance on foreign nations to meet our energy needs.”
“Despite a slowdown in rig count which could have a downward impact on these numbers in the future, this analysis gives rightful cause for optimism and is continued evidence of the demand for oil and natural gas’ irreplaceable role in our modern society,” said TXOGA President Todd Staples. “However, growth is not guaranteed, and it is critical that we remain committed to fostering policies that promote domestic production, keep jobs and benefits here at home, and reduce our reliance on foreign nations to meet our energy needs.”
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