“Drill, Baby, Drill” Did Not Create Massive Job Growth

By Deborah Rogers

According to the Bureau of Labor Statistics, the low point in the last decade for employment in the oil and gas extraction sector occurred in 2003 with approximately 118,000 direct industry jobs. Between 2003 and 2011, job growth in the sector amounted to about 56% to reach 186,000 jobs by 2011, a net gain of 67,900 jobs. But to put this into perspective, this job creation amounted to 1/20th of 1% of overall employment figures in the US.

Given that there are currently 12.8 million unemployed, a growth of 67,900 jobs during a period of “game changing”, “revolutionary” activity in the natural gas markets demonstrates beyond a shadow of a doubt that jobs creation has been overhyped and hardly a “game changer” for the overall labor market.