Oil and gas extraction
Industry profile, February 2020
Sections: Description | Pricing | Costs | Demand | Appendix
This page is an industry profile for the Oil and gas extraction industry. It provides a general economic overview of recent developments in the industry. This includes information on industry pricing, costs, and demand. Below you will find a description of what type of business establishments are included in this industry. For information on how to best utilize this industry profile please visit our Business Solutions.
Industry Description
Industries in the Oil and Gas Extraction subsector operate and/or develop oil and gas field properties. Such activities may include exploration for crude petroleum and natural gas; drilling, completing, and equipping wells; operating separators, emulsion breakers, desilting equipment, and field gathering lines for crude petroleum and natural gas; and all other activities in the preparation of oil and gas up to the point of shipment from the producing property. This subsector includes the production of crude petroleum, the mining and extraction of oil from oil shale and oil sands, the production of natural gas, sulfur recovery from natural gas, and recovery of hydrocarbon liquids.
This industry description was sourced from the North American Industry Classification System.
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- As of January 2020, prices in this industry had increased 4 percent since the previous quarter.
- From January 2019 to January 2020 prices in this industry decreased 23.8 percent.
- Prices increased 18.7 percent in the five year period starting in January 2015 and ending in January 2020.
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- As of January 2020, costs in this industry had 0 percent since the previous quarter.
- From January 2019 to January 2020 costs in this industry decreased 2 percent.
- Costs increased 8.5 percent in the five year period starting in January 2015 and ending in January 2020.
For details on which industries are included in each sector, click here
- The largest cost for this industry is purchases made to the Manufacturing sector. This sector accounts for 24.7% of the industry's overall costs.
- From January 2019 to January 2020, the largest change in costs for this industry were costs associated with purchases to the Mining, Quarrying, and Oil and Gas Extraction sector. Costs associated with this sector decreased -9.8%.
| Sector Name | Percentage of Costs | Annual Percent Change 4 |
|---|---|---|
| Manufacturing | 24.7% | -0.8% |
| Mining, Quarrying, and Oil and Gas Extraction | 21.6% | -9.8% |
| Labor | 16.9% | +3.1% |
| Professional, Scientific, and Technical Services | 10.5% | +1.4% |
| Finance and Insurance | 9.6% | +0.5% |
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- As of July 2019, demand for this industry had increased 2.4 percent since the previous quarter.
- From July 2018 to January 2020 costs in this industry increased 14 percent.
- Costs increased 20.9 percent in the five year period starting in July 2014 and ending in July 2019.
For details on which industries are included in each sector, click here
- The sector that contributes the most to this industry's demand is the Manufacturing sector. This sector accounts for 63.6% of the industry's overall demand.
- From January 2019 to January 2020, the largest change in demand for this industry was from the Exports sector, where demand increased 56.7%.
| Sector Name | Percentage of Demand | Annual Percent Change 6 |
|---|---|---|
| Manufacturing | 63.6% | +7.8% |
| Exports | 17.5% | +56.7% |
| Mining, Quarrying, and Oil and Gas Extraction | 7.9% | +11.2% |
| Utilities | 6.2% | +3.2% |
| Public Administration | 4.9% | +8.2% |
- Pricing measured from January 2020.
- The BLS PPI used for this industry is PCU211---211---.
- Costs measured from January 2020
- Demand measured from July 2019
