A recent report conducted by a national industry group shows that the oil and gas industry provides numerous jobs for residents of Colorado. The industry is said to support an average of 271,000 indirect jobs and 69,000 direct jobs.
On a national scale, the report indicated that the industry helps support 2.5 million direct and 8.8 million indirect jobs in the country, contributing 5.6% of available jobs.
While the report is necessary as the country struggles to get back on its feet after the pandemic, there are concerns about whether the number was inflated. Tom Sanzillo, the acting director of financial analysis in the IEEFA- Institute for Energy Economics and Financial Analysis, boldly claims the report is not transparent.
Sanzillo said that the oil and gas industry is quite powerful and is responsible for contributing to a major part of the country’s economy. However, he noted that the report was far stretched to make this point.
He further added that getting the facts right about jobs in the country is essential given the ongoing heated debate about the use of fossil fuels. Sanzillo attributes to the numbers being far stretched because their research included those working in oil refining and pipeline operations, which are considered in a different sector under the government.
Sanzillo further stated that the methodology used in coming up in the report was not transparent since the figures captured even self-employed people working in the industry and even individual partnerships. However, the trade group stood by the report contents.