Mr. Erik Milito - The House Committee on Natural Resources ...

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January 2012 <strong>The</strong> number of new wells is also an indicator of drilling activity, which in turn is a good indicator of increased employment in the industry, as shown in Figure 16. Figure 16: Relationship Between Drilling Activity and Employment *Western States (Includes Colorado, Montana, New Mexico, North Dakota, Utah and Wyoming) Source: Economics International Corp. calculations based on information from BLM Oil & Gas Statistics (2010) and ICF International Rocky Mountain Forecasts (2011) Employment impacts were modeled using IMPLAN. 5 Drilling and completion expenditures were from forecasts provided by ICF. 6 Projections of the number of new wells drilled from the regression analysis (Table 5) were used in conjunction with drilling and completion expenditures to project total drilling and completion expenditures. <strong>The</strong> expenditures were mapped to IMPLAN sector 28 (drilling oil and gas wells) and sector 29 (support activities for oil and gas operations). <strong>The</strong> dollar value of production was mapped to IMPLAN sector 20 (oil and gas extraction). Dollar denominated results are not adjusted for inflation. For employment impacts, input expenditures were adjusted for inflation. Employment impacts are reported as the number of full- and part-time jobs. Impacts can be separated into: 1) direct impacts and 2) indirect and 3) induced impacts. Direct impacts are those immediately associated with a particular activity, such as employment directly associated with drilling and completion. Indirect employment includes the impact of local oil and gas companies buying goods and services from other local industries. Induced employment is created when spending increases due to additional household income from higher production in the direct and indirect industries. 7 5. IMPLAN is an economic impact assessment modeling system that allows the construction of economic models which estimate the impacts of changes in the economies of states, counties and communities. 6. ICF International. (2011) Rocky Mountain Forecasts. 7. Indirect employment includes the impact of local industries buying goods and services from other local industries. 26
January 2012 Table 7 outlines the number of direct oil and gas industry related jobs the western states stand to gain by returning to the 2007/2008 level of permitting. Employment in this sector would be expected to be more than five percent higher with the additional leases and permits. As spending on drilling activity works its way through the economy, the employment impacts for the state/regional economies grow too. TABLE 7 – NET Employment – Direct Effect Year Colorado Montana New Mexico North Dakota Utah Wyoming Total 2011 463 176 738 330 588 1,790 4,085 2012 931 208 1,352 349 855 3,219 6,914 2013 1,127 453 1,793 487 1,097 4,979 9,937 2014 1,085 347 1,958 597 1,154 4,572 9,713 2015 1,156 258 1,822 508 985 4,301 9,032 TABLE 8 – NET Employment – Total Effect Year Colorado Montana New Mexico North Dakota Utah Wyoming Total 2011 1,840 636 2,194 966 2,515 4,505 12,656 2012 3,748 751 4,014 1,021 3,653 8,129 21,315 2013 4,536 1,635 5,325 1,427 4,689 12,550 30,163 2014 4,419 1,253 5,806 1,749 4,934 11,553 29,715 2015 4,728 931 5,400 1,488 4,211 10,887 27,642 Source: Economics International Corp. calculations based on information from BLM Oil & Gas Statistics (2010) and ICF International Rocky Mountain Forecasts (2011) 27
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proactive in communicating to, and
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Mr. Erik Milito - The House Committee on Natural Resources ...

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