INDIANA (WFIE) -
The entire country has been hit hard by the recession, but some states are recovering more quickly than others, Indiana is one of them.
Some economists think that has to do with the oil industry.
Whether you know it or not, economists say the oil industry generates $2.5 billion of revenue in the Tri-State area alone.
John Felmy of the American Petroleum Institute based out of Washington D.C. say oil is the key to economic prosperity.
Felmy says the oil industry has the potential to generate more than a million U.S. jobs and $800 billion in federal revenue.
Indiana is a prime example of potential.
"The new albany shale plate has potentially 14 trillion cubic feet of natural gas in it," said Felmy.
Countrymark is an Indiana based oil exploration, production and refining company.
Charlie smith, CEO of Countrymark said, "The wages and benefits a year into Posey County alone is probably in excess of 30 million."
One of Countrymark's focuses is searching for new sources of oil with in Indiana.
CEO Charlie Smith says it takes patience.
"It's a matter of finding it. It's an ongoing process. Because one in ten is successful in wildcat explorations," said Smith.
Smith says that relative to ten years ago, the industry is growing and it looks especially hopeful for the local economy.
"The Illinois Baisin, Illinois, Indiana, Kentucky, that Tri-State area of which a big part is Indiana is growing on people's radar," said Smith.
Felmy says about 38,000 people work in the industry in Indiana.
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