The Western States Petroleum Association (WSPA) has released the findings of a new economic study produced by the Los Angeles County Economic Development Corporation (LAEDC) detailing the oil and gas industry’s sizable economic and fiscal impacts on California’s economy.
The report finds that the petroleum industry is a major employer and leading economic driver in California, responsible for 468,000 jobs in 2012, or 2.3% of California’s employment, and more than $220 billion in direct economic activity, contributing 5.4% of California’s state GDP. Additionally, the petroleum industry makes significant fiscal contributions to California’s state and local governments with more than $21.6 billion in state and local tax revenues and $14.7 billion in sales and excise taxes.
"Our state's manufacturing community depends on a robust and efficient energy industry,” said California Manufacturers & Technology Association President Jack Stewart. “The state’s 1.2 million manufacturing employees salute the petroleum sector and its workers for being such an important cog in California's economy.”