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.
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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.
15. North Dakota
IM Score: 21 Annual median wage: $116,840 Cost of living index: 98.9
We will begin our list with the state that has the 3rd lowest unemployment rate (2.8%) in the United States according to Bureau of Labor Statistics. There are not as many petroleum engineers in North Dakota as you would think. Their current number is 180 with expected decrease to 160 by 2024 according to Projections Central. The projections are that there will be 10 average annual job openings in the state for petroleum engineers.
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14. Arizona
IM Score: 22 Annual median wage: $117,250 Cost of living index: 98.1
One thing that may attract you to Arizona, the number 14 on our list of best states for petroleum engineers is the state’s economy, which is currently bigger than those of some European countries like Ireland or Finland. The job growth projections within the occupation are unavailable. When it comes to the unemployment rate, Arizona has 13th worst in the nation with the figure being at 5.0%.
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13. Alaska
IM Score: 23 Annual median wage: $139,110 Cost of living index: 131.6
If you are not afraid of cold, and like big numbers, pack your bags and head to Alaska, which has the biggest concentration of petroleum engineers in the United States. The state offers some of the biggest wages for this occupation in the nation. That would be the list of advantages. Let’s now talk about disadvantages of being petroleum engineer in Alaska. You will face with the highest cost of living index on our list and 5th highest in the country. Also, the number of those employed within the occupation is expected to drop from 450 to 410 by 2024, with 10 average annual job openings. The fact that Alaska with 6.4% unemployment rate, which is second worst in the nation, also doesn’t help much.
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12. Washington
IM Score: 23 Annual median wage: $135,480 Cost of living index: 107.1
The next state on our list of best states for petroleum engineers has a similar problem like Alaska. The wages are among the highest, but so is the cost of living index. Washington has 4.7% unemployment rate, but there will be 10 average annual job openings for petroleum engineers. Also, in 2024, there will be 180 those employed within the occupation compared to 170 in 2014.
IM Score: 23 Annual median wage: $101,830 Cost of living index: 90.8
As we mentioned in one of our previous lists, Missouri is a perfect state for those who like alcohol. Besides being one of the biggest beer brewing centers in the nation, it also has a rapidly growing wine industry. The state has 10th lowest cost of living index in the United States but the unemployment rate isn’t so great, with the figure standing at 3.9%.
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10. Virginia
IM Score: 24 Annual median wage: $119,800 Cost of living index: 100.2
Virginia will see its number of 930 employed petroleum engineers increase to 970 by 2024. The state’s unemployment rate is currently at 3.8%. The interesting thing about Virginia is that the state has the highest income city in the nation, Great Falls. So, if you can choose the city to live in Virginia, that is the one.
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9. Kansas
IM Score: 27 Annual median wage: $108,440 Cost of living index: 90.4
Being a petroleum engineer in Kansas, that ranks 9th on the list of best states for petroleum engineers, won’t do wonders for your bank account, but at least you will be residing in the state with a low cost of living. The state doesn’t employ many petroleum engineers, but the current number of 90 employed within the occupation will increase to 110 until 2024. Strangely, the average annual job openings figure is 0. The unemployment rate is 3.8%.
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8. Colorado
IM Score: 28 Annual median wage: $141,220 Cost of living index: 102.1
Taking all things in consideration, Colorado seems like a good choice. The state is not just offering the biggest annual median wage for petroleum engineers, but also has the unemployment rate of 2.6%, which represents the lowest in the United States. The projections reveal that there will be an increase of employed petroleum engineers in the state by 2024. Expected figure is 2,770 compared to 1,960 currently employed within the occupation. The average annual job openings figure is 130. The downside is the high cost of living index.
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7. Utah
IM Score: 29 Annual median wage: $118,610 Cost of living index: 92.8
This state doesn’t employ a great number of petroleum engineers, with the current number being 250. Projections are that there will be 290 those employed within the occupation by 2024 with 10 annual job openings on average. Utah also has a low unemployment rate of 3.1%.
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6. Arkansas
IM Score: 30 Annual median wage: $110,410 Cost of living index: 88.5
Arkansas has the second lowest cost of living index on our list of best states for petroleum engineers, so don’t be turned off by the small wage. This isn’t a surprise since Arkansas is among the states with lowest per capita incomes and median household incomes in the nation.
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5. Louisiana
IM Score: 31 Annual median wage: $128,370 Cost of living index: 94.4
Louisiana has 1,520 employed petroleum engineers and the number will stay the similar increasing just by 50 until 2024, so you have to hope there will be a plenty of retirements. This may well be the case since the average annual job openings figure is 50. However, the state’s unemployment rate of 5.7% is fifth worst in the nation.
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4. Michigan
IM Score: 32 Annual median wage: $112,240 Cost of living index: 88.2
The state has the lowest cost of living index on our list of best states for petroleum engineers, and the money isn’t bad, but there won’t be a change in the number of employed petroleum engineers by 2024. The state’s unemployment rate stands at 5.1%.
3. Oklahoma
IM Score: 32 Annual median wage: $115,060 Cost of living index: 88.6
Oklahoma offers similar annual median wages and cost of living like Michigan, but there will be lot more jobs for petroleum engineers here. The current number of 3,770 employed within the occupation is expected to increase by 620. There will also be 170 average annual job openings. When it comes to the unemployment rate, Oklahoma is somewhere in the middle with 4.3%.
2. Alabama
IM Score: 35 Annual median wage: $123,330 Cost of living index: 91.2
If you are looking for a job in Alabama, the number two on our list of best states for petroleum engineers, things are tough, since the state’s unemployment rate of 5.8% is ranked 3rd highest the United States. Still, Alabama’s number of 140 employed petroleum engineers will increase to 150 by 2024 with 10 average annual job openings. The good things are that there will be plenty of money to be made with low cost of living.
1. Texas
IM Score: 41 Annual median wage: $139,800 Cost of living index: 90.7
Texas claims the top spot on our list of best states for petroleum engineers, but this shouldn’t come as a surprise to those reading our lists regularly. All engineers are making lots of money in this state, while the cost of living is among the lowest in the nation. Texas employs the most petroleum engineers in the United States, with the current number being 17,760. There is more good news. Projections say that there will be 18,530 those employed within the occupation by 2024, with 560 average annual job openings. So, if you are a petroleum engineer, you can ignore the state’s high unemployment rate of 5.0% and chose Texas as your new home state.
