Why is oil and natural 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 natural gas are important because they are primary sources of energy used for transportation, heating, and electricity generation. They also serve as key raw materials in the production of various products such as plastics, chemicals, and pharmaceuticals, contributing significantly to global economic development. Additionally, oil and natural gas play a vital role in shaping geopolitical relationships due to their strategic value and impact on national security.