Demonizing "Big Oil" may be the wrong rhetoric for a sluggish economy, since behind the moniker stands a lot of little people who derive a great big benefit from working and investing in the industry.
From Townhall Magazine's EXCLUSIVE feature "Who Is Big Oil?":
"Today, oil and gas companies account for roughly 7-8 percent of the country's gross domestic product; they employ over 9 million people and have invested over $2 trillion in capital improvements over the last decade. U.S. crude production in May 2011 was 5.3 million barrels per day out of the 19.5 million barrels the country used daily. The country operates 1,836 drilling rigs currently with an all-time high marc of 4500 set in 1988. ...
"Liberals like to demonize key industries by calling them "Big," as in Big Oil, Big Pharmaceuticals, Big Banks. But ... [s]ix percent ($533 billion in payroll) of all labor income in the United States and 5.3 percent of all jobs are either directly tied to or support the oil and gas business. Some of the supporting industries include services, wholesale and retail trade, finance, insurance, real estate, rental and leasing, manufacturing, transportation and warehousing, information, construction, agriculture, utilities and mining. The jobs are well-paying, technical positions, too."
Order the August issue of Townhall Magazine to find out more from Townhall's John Ransom on why "Big Oil" is so crucial to the hottest topic in the country -- jobs.
"[D]espite everything the Obama administration has done to slow down domestic development of oil and gas resources, the oil and gas sector is one of the fastest growing job markets in a very anemic job market. While other sectors are shredding jobs, oil and gas is hot." ~ John Ransom in Who Is Big Oil?
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