[American Constitutionalist]

" Yes, but the rest isn't waste. The other products have value as well. "

Yup, I am aware of that.
Other fuels, petrol chemicals, plastics, heating fuels, jet fuels, and so many other products.
So that's helping American production with the new oil boom is the cost of some of those production plants running on natural gas for electricity, and ? the raw materials from petroleum.

[thackney]

I believe there has been more growth in petrochem related to increased natural gas production than in the increased oil production.

The increase in natural gas has lead to an increase in natural gas liquids like ethane, propane and the like. Several new chemical plants are being built to take advantage of the new supply.

U.S. Gas Plant Production of Natural Gas Liquids and Liquid Refinery Gases
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MNGFPUS2&f=M

While the oil production growth has plenty of new jobs related to that production, I do not see growth downstream of that. We are basically just replacing imported oil with domestic oil. We are not see much new growth in refining.

U.S. Refinery Net Input of Crude Oil
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=M_EPC0_YIY_NUS_2&f=M