The Biden administration is making strides in reducing the United States’ dependence on fossil fuels for its energy needs. The federal government’s post-pandemic plan involves hundreds of billions in financing for renewable energy and electric vehicle projects. But it might be harder to get rid of oil and gas than some would like to believe. In a recent report commissioned by the American Petroleum Institute, PwC described the oil and gas industry as a critical one for the United States in terms of both direct and indirect impacts in the form of employment, labor income, and value added. The report makes for quite interesting and sobering reading. For example, the oil and gas industry employed 11.3 million Americans in 2019, both directly and indirectly. Labor income from these jobs, which PwC defines as wages and salaries, and benefits as well as proprietors’ income, came in at $892.7 billion for […]