re: Update, May crude oil futures now down to under $12

quote:

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O&G Supports 9.8 Million Jobs


Old numbers but probably higher today.

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You really believe that? So the study funded by O&G is the truth but the BLS is lying?

Let's break it down.

1.) they are including "indirect jobs" in those number and doing so very liberally at almost a 4x multiplier. In the report it says 2.5m work in O&G in general.

2.) This is for all O&G activities. We are talking about exploration and extraction. People at gas stations and refineries will still be employed for the most part.

On table 4 of the paid "study" it says there are 783,800 jobs in O&G extraction, including NGL. It sites the BLM as the source.

Yet, if you go to the BLS website it says there's 156,500 jobs in that sector. source: https://www.bls.gov/iag/tgs/iag211.htm

Even more problematic for the "study" is that you can look at the historical data on BLS's site and at no point were there that many jobs in the US under those codes.

Actual data:



But wait, it gets worse..

The PwC study double counts jobs by including the umbrella BLS codes AND their sub categories and then adding them all up. This is pretty fricking amazing and borderline criminal.

If you look at table 4 they have a line for NAICS 211 which includes all O&G extraction jobs. Then they also include lines for 213111 and 213112 which are already included in 211. source: NAICS

Man, you guys are being played.