Why is oil and gas important?

Answer 1

The oil and natural gas industry is the backbone of the American economy and what happens in the industry reverberates throughout the entire economy. That's because the industry supports more than 9 million American jobs and makes significant economic contributions as an employer and purchaser of American goods and services. In 2009, the most recent year for which data is available, the industry supported a total value added to the national economy of more than $1 trillion or 7.7 percent of the U.S. gross domestic product.

Answer 2

Oil and gas are important because they are essential sources of energy for transportation, heating, and electricity generation. They also serve as key feedstocks for the production of a wide range of products, including plastics, pharmaceuticals, and fertilizers. The oil and gas industry plays a significant role in global economies and provides employment opportunities in various sectors.