Tag: Proved Oil Reserves

Eight of Top Ten States for Proved Oil Reserves Added Jobs at a Faster Annualized Rate than the U.S.

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Between 2007 and 2012, the annualized rate of change in U.S. wage and salary  employment was -0.6%.

Only 2 of the top 10 states for proved oil reserves were worse – California (-1.0%) and New Mexico (-1.0%).

Colorado (-0.2%) and Utah (-0.1%)posted slight annualized job losses. Wyoming (0.1%), Louisiana (0.1%), and Oklahoma (0.2%) experienced slight annualized job gains.

Texas posted annualized gains of 0.9%, Alaska was 1.1% and North Dakota was 3.7%.

Eight of the states grew at a rate faster than the U.S., while 6 posted positive gains.

The extractive industries played a key role in the growth of the economy during the recovery.

©Copyright 2011 by CBER.

Proved Oil Reserve Leaders have Lowered Their Unemployment Rate Faster than U.S., Except for Colorado and California

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In 2007 nine of the top ten states for proved oil reserves had an unemployment rate lower than the U.S. rate.

In 2012, nine of these top ten states had an unemployment rate lower than the U.S. rate, although the Colorado rate was lower by only 0.1 percentage points.

For the U.S., the gap between the 2012 and 2007 unemployment rate was 3.5 percentage points (8.1% – 4.6%).  The percentage point gap for the top 10 states with proven oil reserves is:

  • 5.1 California
  • 4.2 Colorado
  • 3.4 New Mexico
  • 3.1 Utah
  • 2.6 Wyoming
  • 2.4 Texas
  • 1.7 Louisiana
  • 1.1 Oklahoma
  • 0.9 Alaska
  • 0.0 North Dakota

In other words, the economies in 8 of the 10 leading oil reserve states experienced faster reduction in unemployment rates, presumably in part because of the growth in the extractive industries. California and Colorado are the exceptions. For the state of Colorado, it is reasonable to ask the question, “Is Colorado’s high gap a result of more stringent regulation and growing opposition to fracking?”

©Copyright 2011 by CBER.

Colorado – Leader in Extractive Industries

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About 94% of the U.S. proved oil reserves are located in 10 states, including Colorado. The state is ranked 9th with 423 billion barrels, well behind Texas, with 7,014 billion barrels.

Eighty-nine of the country’s 139 refineries are located in the top ten states for proved oil reserves… Sixty-two refineries are located in Texas, Louisiana, and California. Colorado has two refineries.

Colorado is a leader in the extractive industries, which has also made it a focal point for opposition to the industry.

©Copyright 2011 by CBER.