19 Oct, 2020, 11:30 ET
SACRAMENTO, Calif., Oct. 19, 2020 /PRNewswire/ -- A recent 2020 Capitol Matrix Consulting report, "Contributions of the Oil and Gas Industry to Los Angeles County," found that the oil and gas industry provides vital economic resources to Los Angeles County and its residents.
"This report quantifies what we've known for a long time – that oil and gas operations are essential to the economic landscape of Los Angeles County and its communities. We're proud the report shows that our member companies support over one hundred thousand jobs in the County, especially during this COVID-19-induced economic recession. Now more than ever, we must consider the economy and our sense of social equity as we work towards a shared energy future," says Catherine Reheis-Boyd, President of the Western States Petroleum Association.
The report highlights that the Los Angeles County oil and gas industry represents more than 60 percent of California's total refining capacity, and operates 40+ oil fields throughout the County. This work supports 133,000 jobs with an average industry salary 50% higher than the County's economy-wide average. These are careers that pay well, provide good family benefits, and are often available to workers without a college degree.
In addition, oil and gas operations contribute $32 billion in gross regional product and $4 billion in state and local tax revenue. The taxes paid by the industry in Los Angeles County support local transportation, schools, health care, social services, housing, homeless services, and public safety programs.
"There is no doubt this report proves the vital role oil and gas operations play in supporting Los Angeles County and City budgets, local residents, and programs that rely on tax revenue for funding. Now, more than ever, these are dollars needed by the residents of California's most populous County. County planning must keep these factors in mind when making decisions that affect oil production and refining in the region," continued Reheis-Boyd.
To read the full report, click here.
Western States Petroleum Association (WSPA) is a non-profit trade association representing the companies that safely and reliably explore, produce, refine, transport and market the petroleum and energy products that fuel the five western states of Arizona, California, Nevada, Oregon and Washington. We represent 150,000 women and men who have proudly been powering the western states since 1907.
SOURCE Western States Petroleum Association
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