Which industries are bucking the jobless trend?

Just those that are being targeted by the Obama administration:

Gas_ProductionThe Bureau of Labor Statistics reported recently that the U.S. jobless rate remains a dreadful 9%. But look more closely at the data and you can see which industries are bucking the jobless trend. One is oil and gas production, which now employs some 440,000 workers, an 80% increase, or 200,000 more jobs, since 2003. Oil and gas jobs account for more than one in five of all net new private jobs in that period.

The ironies here are richer than the shale deposits in North Dakota’s Bakken formation. While Washington has tried to force-feed renewable energy with tens of billions in special subsidies, oil and gas production has boomed thanks to private investment. And while renewable technology breakthroughs never seem to arrive, horizontal drilling and hydraulic fracturing have revolutionized oil and gas extraction—with no Energy Department loan guarantees needed.

The oil and gas rush has led to a jobs boom. North Dakota has the nation’s lowest jobless rate, at 3.5%, and the state now has some 200 rigs pumping 440,000 barrels of oil a day, four times the amount in 2006. The state reports more than 16,000 current job openings, and places like Williston have become meccas for workers seeking jobs that often pay more than $100,000 a year.

Or take production in Pennsylvania’s Marcellus shale formation, which the state Department of Labor and Industry says created 18,000 new jobs in the first half of 2011. Some 214,000 jobs are now tied to a natural gas industry that barely existed in the Keystone State a decade ago. Energy firms are also rushing to develop the Utica shale in eastern Ohio, and they are expanding operations in Texas, Louisiana and Oklahoma, among other places.

That despite administration policies clearly aimed at putting a damper on fossil fuel development and sustainment.

Imagine what the growth might be absent the bulls eye.

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Posted by on November 28, 2011.
Filed under Economics, Employment, Obama Regime, Oil.
I blog more regularly at my own place where plain thoughts are delivered roughly. My about page gives you more on who I am.

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  • Anonymous

    I’m glad to see the industry expand … and if it means jobs, let them frack like Starbuck after a really, really tense day.

  • Anonymous

    But…but…but we just need a little more money to discover the magical mystery of the carbon-free unicorn fart!

  • http://www.rustedsky.net Anonymous

    “Imagine what the growth might be absent the bulls eye.”

    I think that gives some of the folks in the administration nightmares.  They’ve staked their careers on promoting a ‘green agenda’ – funneling money to the ‘right’ people, the connected and generous, in the hopes that the money would keep funneling back to them.

    And look what happens… 

    They congratulate themselves on being movers and shakers, not seeing just how little moving and shaking they actually accomplish.  But as long as the money keeps flowing, who really cares what gets done?