The silhouette of an electric oil pump jack is seen at dusk in a oil field. (Photographer: Luke Sharrett/Bloomberg)

Oil Fields Were Growth Gusher for U.S. Economy in Second Quarter

(Bloomberg) -- America’s oil industry provided plenty of power for the economy in the second quarter.

Investment in mining exploration, shafts and wells came in at a $129.4 billion annualized rate during the period, up from $109.2 billion in the first three months of the year, the government’s report on gross domestic product showed Friday. The annualized gain of 97 percent was the second-largest since 1987.

Oil Fields Were Growth Gusher for U.S. Economy in Second Quarter

While the category includes all types of mines, oil rigs and natural gas wells represent about 96 percent of the total.

Drilling gains helped lead to a 13.3 percent annualized increase in nonresidential investment in all structures after a 13.9 percent rate of advance in the first quarter. The entire U.S. economy grew at a 4.1 percent pace from April through June, the most since 2014.

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