What is the economic impact of the fuels and petrochemical industries?
Hundreds of billions of dollars
There are more than 450 refineries and petrochemical facilities that support 3.8 million jobs2 across the country. Our industries account for more than $70 billion in federal tax revenue and $60 billion in state and local taxes.3
2 IMPLAN, 2017 total employment in refining and petrochemical industries. Total is the sum of Direct, Indirect, and Induced.
3IMPLAN, 2017 total federal, state and local taxes paid by refining and petrochemical industries. Totals are the sum of Direct, Indirect, and Induced.
Petroleum refiners contribute about $435 billion.4 to the U.S. economy.
4 IMPLAN, 2017 total contribution of refining industry to GDP. Total is the sum of Direct, Indirect, and Induced.
Petrochemical facilities contribute about S230 billion5 to the U.S. economy. Plentiful and low-cost natural gas supplies have fueled petrochemical industry expansion in the U.S.
5 IMPLAN, 2017 total contribution of petrochemical industry to GDP. Total is the sum of Direct, Indirect, and Induced.
The United States is now the largest exporter of petroleum products in the world, shipping more gasoline, diesel fuel and other petroleum products into the global energy markets than any other country. In 2019, the United States supplied 84 billion gallons of products to consumers in 136 countries.6
6 Energy Information Administration Exports