About

The Energy industry in the United States has been a major industry since shortly after the oil discovery in the Oil Creek area of Titusville, Pennsylvania in 1859. This industry includes exploration for, production, processing (refining), transportation, and marketing of natural gas, petroleum products and other types of renewables sources of energy. One important fact to keep in mind is that as of 2019, the US is the world’s largest oil producer. According to the American Petroleum Institute (API), the Oil & Gas industry supports 9 million us jobs and makes up 7% of the nation’s gross domestic product.

There are many challenges the Oil & Gas industry is facing today, such as fluctuation of oil prices, regulatory changes, and geopolitical instability. The underlying disruption running through the industry, as well as the additional aging workforce, widening skills gap, talent shortage, has made clear the necessity of managing and developing talent within the industry. An improved approach to Diversity, Equity and Inclusion is critical to the long-term survival of the sector.

In January 2019 Ernst & Young performed a survey to highlight the need for Diversity in the Oil & Gas Industry, the report spotted the value diversity brings to the bottom line. The majority of the respondents (51%) expect to see a slight increase of minorities in leadership roles, and though this is a positive outlook, it does not represent the full story. 99% of survey respondents agree that this is a time of monumental change withing the industry, with 94% affirming that diversity does impact economical performance. Without diversity, companies will continue to miss out on innovation and insight to capitalize on future opportunities and the drivers of growth. Board and senior management need to create and invest in diverse talent pipeline across all levels and mentor individuals to eradicate the lack of inclusion currently holding back some of their top talent.

Companies in the sector are committing to bring Diversity, Equity and Inclusion into the industry, which is now essential so that the business shifts with time and thrives in the new environment. The Energy Diversity and Inclusion Council will emphasize on how the industry can make Diversity, Equity and Inclusion a boardroom priority in order to drive innovation, growth, efficiency and capitalize on key opportunities to boost profitability.