Are you eager to find out which are the best states for petroleum engineers? Well, continue to read and you’ll get the answer.
If petroleum engineer is your current or future occupation, you will be happy to know that there is plenty of money to be made. According to Bureau of Labor Statistics, in 2016 average annual median wage for petroleum engineers in the United States was $128,230 or $61.65 per hour. The highest paid 10% increased their bank account by more than $208,000 while the lowest 10% got less than $73,000. Being employed as petroleum engineer will bring you wage almost $38,000 bigger than the engineer’s average. The best industry for petroleum engineers in terms of wages was Management of companies and enterprises trailed by Engineering services and Oil and gas extraction. The states that employ the most petroleum engineers are Texas, Oklahoma, and California.
There were 35,100 petroleum engineers employed across the nation in 2014, but their number is expected to increase by 10% until 2024. The demand will mostly depend on the oil and gas prices since more than 45% of currently employed petroleum engineers work in oil and gas extraction industry. If the prices of oil and gas rise, there will be an increased demand for this occupation since the companies are more likely to drill in more challenging conditions, making the operations more complex and will require more petroleum engineers. The expected retirements within the occupation will also favor the job prospects. If you want to know more about job prospects for mechanical engineers, check out our list of 25 Best States for Mechanical Engineers.
So, you must be wondering how did we create our list of best states for petroleum engineers. Well, first we decided to rank all the states that employ petroleum engineers according to annual median wages (BLS) they offer for this occupation and their cost of living index (Missouri Economy). After combining the rankings into our IM Score, our list took shape. Note that we usually include job growth projections in similar articles, but we couldn’t obtain the data for all states. Also for few states, the data about wages was unavailable, so they didn’t make the list. Now, let’s take a look at our list of best states for petroleum engineers.