Despite claims to the contrary, the U.S. oil and natural gas industry does NOT employ 9.2 million workers. Economic Impact Analysis (EIA) is an attempt by economists to estimate the direct, indirect and induced jobs generated from marginal changes in investments and public policies. Input‐output models, commonly used for EIA, should only be used for marginal analysis and are not really appropriate for assessing the economic contribution of an entire industry – like the oil and gas industry.