The fuel and petrochemical industries contribute nearly $600 billion to the U.S. economy.
We also create the jobs that employ over three million Americans in 33 states. These industries account for more than $65 billion in federal tax revenue and $21 billion in state and local taxes.
American refineries deliver jobs and fuel our economy.
Petroleum refiners contribute about $350 billion to the U.S. economy. With capital spending projected to exceed $8.5 billion for the period from 2016 through 2020, we can expect the positive impact on our economy will continue.
Our petrochemical manufacturers are strengthening U.S. manufacturing.
Contributing more than $220 billion to the U.S. economy and supporting over 1.4 million direct and indirect jobs, petrochemical manufacturers are projected to make more than $12.5 billion in capital expenditures in 2017 alone. Plentiful and affordable natural gas supplies have fueled the petrochemical industry expansion in the U.S., resulting in 333 new chemical industry projects.
The U.S. is now a well-established net exporter of refined petroleum products.
In 2017, nearly 80 billion gallons of petroleum products produced by U.S. refineries were exported to consumers in 99 countries. 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. By 2040, U.S. exports of petroleum products are projected to top 110 billion gallons.
Economic benefits will continue to grow.
Petrochemical manufacturers will invest over $200 billion in the construction of new manufacturing facilities – and that investment will create more than 400,000 new jobs. And, as the fuel and petrochemical industries continue to grow, they’ll indirectly support millions of American jobs, ranging from small businesses in local communities that support facility workers to careers in trucking and employment in almost every industry.