Oil and gas industry promises higher employment

09.24.2012


Oil and gas industry promises higher employment
Oil and gas industry promises higher employment

As the world continues to show its insatiable appetite for energy sources, new oil and gas operations are cropping up all over the country, bringing ample new employment opportunities to several states.

This is the case in Colorado, where politicians and business leaders are convening in Colorado Springs to develop ways to take advantage of the region's oil and gas potential. According to the Colorado Springs Business Journal, these leaders are turning to a project controlled by Ultra Petroleum, which is currently looking for oil and gas in El Paso country.

Drilling commenced in February, however city officials still have not approved certain activities, barring the company from performing research within Banning Lewis Ranch limits. Although a well in El Paso has never produced a lucrative amount of oil, new technologies could help companies uncover oil and natural gas in places previously unreachable. This has led to a surge in optimism in Colorado, as it could lead to huge economic benefits and scores of new energy jobs.

The Western Energy Alliance said the oil and gas industry is already responsible for $1 billion in economic contributions in the Fifth Congressional District of Colorado.

"The region already benefits," said Kathleen Sgamma, vice president for government and public affairs for the alliance, an industry trade group. "There are 4,270 jobs already - and that includes places like El Paso Gas in the Springs."

Drilling for jobs
The jobs potential for the project is enormous. Each well would require staffing of about 26 workers. Within one year, the project could create as many as 150 jobs.

"And that’s not for a single year," she said. "Those jobs are good for 20 or 30 years."

The great strides that have been made in oil and gas extraction techniques have resulted in gas production growing all over the country. Between 2008 and 2009, production spiked 50 perfect, while employment in the natural gas extraction industry grew by 28,000 between 2007 and 2011. Another 45,000 jobs were created in support businesses, according to recent data from the Brookings Institute.

"During this period of economic recovery, these jobs have also boosted employment in a wide variety of other industries that likely add up to tens of thousands of additional jobs," the report said.

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