The Western States Petroleum Association (WSPA) on Monday, April 21, released the findings of a new economic study produced by the Los Angeles County Economic Development Corporation (LAEDC) detailing the oil and gas industry’s sizable economic and fiscal impacts on California’s economy.

The 72-page report finds that the industry was responsible for 468,000 California jobs in 2012 (the latest year for which complete data are available), or 2.3% of the state’s employment, and more than $220 billion in direct economic activity, contributing 5.4 percent of ’s state GDP.  Additionally, the industry provides more than $21.6 billion in state and local tax revenues and $14.7 billion in sales and excise taxes.

The LAEDC’s analysis highlighted the petroleum industry’s economic impact throughout California, including tax revenues in all counties. “The oil and gas industry supports 104,000 jobs in Los Angeles County alone,” said Christine Cooper of the LAEDC, “and its activities here generate more than $5 billion in state and local tax revenues.”

California business leaders highlighted the significance of the LAEDC’s industry impact analysis. “California’s oil and gas industry has been an engine of California¹s growth for more than 100 years,” said  Allan Zaremberg, President and CEO of the California Chamber of Commerce.  “The industry sustains tens of thousands of well-paid, middle class jobs, provides billions of tax dollars for the support of state and local government, and provides the energy and much of the innovation that powers our economy.”

“Our state’s manufacturing community depends on a robust and efficient energy industry,” said Jack Stewart, president of the California Manufacturers & Technology Association.  “The state’s 1.2 million manufacturing employees salute the petroleum sector and its workers for being such an important cog in California’s economy.”

WSPA President Catherine Reheis-Boyd said, “This study shows just how central of a role the industry plays in California’s statewide and local economies,” adding that the industry has “a commitment to continue driving California’s economic recovery and energy future.”

Readers of the California Oil & Gas Report can download the complete report here.