The U.S. oil and gas industry payroll reached $168 billion in 2024, up nearly $5 billion from the previous year, according to TIPRO’s latest State of Energy report. Texas led with $62 billion, followed by California at $15 billion and Louisiana at $10 billion.In 2024, Gasoline Stations with Convenience Stores led U.S. oil and gas payrolls at $26.8 billion, followed by Support Activities at $23.9 billion and Crude Petroleum Extraction at $19.1 billion, according to TIPRO.
The U.S. had 165,110 oil and gas businesses, with the industry’s direct Gross Regional Product surpassing $1 trillion. It also spent $865 billion on goods and services across 900 sectors.The report revealed that Texas led the nation in oil and gas businesses in 2024, with 23,549, followed by California (9,486), Florida (7,695), Georgia (6,453), and New York (5,768).Texas’ oil and natural gas industry contributed $366 billion in direct Gross Regional Product. With a 2.5x multiplier, it accounted for 38% of the state’s economy.
The industry spent $307 billion on U.S. goods and services, with 81% sourced from Texas businesses.In Fiscal Year 2024, Texas’ oil and gas industry paid a record $27.3 billion in state and local taxes and royalties, according to TIPRO.Founded in 1946, TIPRO is a leading oil and gas trade association representing nearly 3,000 members. Its members produce nearly 90% of Texas’ oil and gas and hold mineral interests in millions of acres statewide.
TIPRO’s 10th State of Energy report analyzes 2024 oil and gas trends, employment, and wages. The series tracks the industry’s economic impact, focusing on Texas.
