SOURCE: Century Market Research

March 08, 2012 23:59 ET

Energy Playing a Vital Role in the Economy

Note to Editors: The Following News Coverage Is Issued by Century Market Research.

NEW YORK, NY--(Marketwire - Mar 8, 2012) - In a report by the World Economic Forum released yesterday highlighting the crucial part the oil and gas sector plays in the economy, it reports the US oil and gas industry created 37,000 direct jobs and 111,000 indirect jobs in 2011, generating 9% of all new US jobs last year. The report also noted that US oil and gas extraction industries grew at a 4.5% rate in 2011, compared with a 1.7% total GDP growth rate.

The sector's highly skilled workforce is also well-paid compared to other sectors, according to the report. Compensation per worker in energy-related industries is about twice the average in Germany, Norway, the UK, and the US, and four times the average in Mexico and South Korea, it said. As a result of higher wages, energy industry employees contribute more absolute spending per capita to the economy than the average worker and contribute a larger share of GDP per worker than those in most other businesses.

In an Oil and Gas Journal article, it is stated, "Strong oil prices and improvements in technology will result in an increase in efficiency again in 2012." Large oil and gas outfits like Exxon (XOM), Chesapeake Energy (CHK), and smaller up starts like AER Energy (PINKSHEETS: AERN) and Royale Energy, Inc. (ROYL) could all benefit from this trend by focusing technology improvements.

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