American Oil and Gas Reporter - January 2015 - 210

increase over the same period in 2013.
However, the record activity created
an oversupply of crude oil. U.S. inventories climbed by 2.06 million barrels, to
379.7 million barrels in November, creating a softening of price by 25 percent,
to $75 a barrel.
U.S. net imports of energy as a share
of energy consumption fell to their lowest
level in 29 years for the first six months
of 2014. Total energy consumption during
that time was 3 percent above consumption
during the first six months of 2013, but
consumption growth was outpaced by
increases in total energy production. These
changes led to a 17 percent reduction in
net imports compared with the first six
months of 2013.
The increase in total energy production
was concentrated almost entirely in petroleum and natural gas. Petroleum accounted for 52 percent of the 2014 yearto-date increase, natural gas for 27 percent,
renewable energy for 9 percent and nuclear
electric power for 2 percent. Total coal
production fell 1 percent.
The Economy And Jobs
The American Enterprise Institute released a study in 2014 that concluded
economic activity in Texas created by
the oil and gas industry helped to soften

the great recession that began in December
2007. AEI, a private, nonpartisan think
tank based in Washington, called the economic growth in Texas "a most amazing
economic phenomenon."
While the civilian workforce in the
United States, excluding Texas, decreased
from 135.26 million in December 2007
to 134.27 million in September, Texas
has seen its civilian employment increase
from 11.0 million to 12.32 million during
the same period, according to AEI.
"It's also important to note that while
job growth in Texas slowed considerably
in 2008 and 2009 because of the recession,
the level of civilian employment in Texas
never fell below its prerecessionary, December 2007 level," AEI says.
"Also, while Texas was able to actually
increase jobs slightly even during the
depths of the recession in 2008 and 2009,
the U.S. labor market minus Texas experienced a stunning loss of 8.374 million
jobs (a drop of 6.2 percent) in the two
years between December 2007 and December 2009," AEI notes.
In another job-related milestone for
Texas, the state Bureau of Labor Statistics
reports annual payroll employment increased by more than 400,000 jobs in
September from a year ago for the second
straight month, and established a state

210 THE AMERICAN OIL & GAS REPORTER

record for job growth for 12 months,
starting in September 2013, with its
413,700 jump in jobs.
"Over the last year, Texas has added
almost 1,600 new jobs every business
day-a hiring rate of almost 200 jobs
every hour," AEI proclaims.
The institute also points out Texas'
annual job gain of 413,700 through September represented 15.7 percent of the
country's 2.635 million increase in nonfarm payroll employment over that period,
even though Texas' population is only
8.4 percent of the U.S. total.
In percentage terms, Texas payrolls
increased by 3.7 percent over the past 12
months, almost double the 1.9 percent
growth in the nation's payroll employment.
AEI points out that much of the economic
success that has fueled job creation in
the state is a direct result of the shale oil
and gas boom taking place in areas such
as the Permian Basin in West Texas (1.8
MMbbl/d in production) and the Eagle
Ford in South-Central Texas (1.6 million
MMbbl/d).
Texas is producing more than 36 percent of America's total crude oil, and as
a separate country, the state would be the
world's eighth-largest oil producer.
AEI also points out that Texas has
done a great job of attracting businesses



American Oil and Gas Reporter - January 2015

Table of Contents for the Digital Edition of American Oil and Gas Reporter - January 2015

Contents
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