Value added by the oil and gas extraction industry 1998-2018

In 2018, the value added by the oil and gas extraction industry in the United States reached 236.81 billion U.S dollars, the highest level since it peaked in 2014. Following a surplus of extracted fuel during the 2010s oil glut, the value added plummeted severely, hitting its lowest point in over a decade in 2016.

Trends in prices and revenue

The term 'value added' refers to the difference between the cost of production and the selling price of a product according to demand and the perceived value of the customer, while revenue refers to gross income from sales. In the past twenty years, the average annual domestic first purchase prices for crude oil in the United States rose and fell along roughly the same trajectory as both revenue and the value added by the oil and gas extraction industry.

The shale business surges

On the verge of the global financial crisis, oil prices, revenue, and value added reached a high point in 2008 before a significant drop the next year. Following the recession, newer methods such as hydraulic fracturing allowed extraction of previously inaccessible shale gas and tight oil from sandstone. The rapid expansion of the shale gas industry after 2008 in the United States led to an oversupply by 2014.

Value added by the United States oil and gas extraction industry from 1998 to 2018

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Source

Release date

October 2019

Region

United States

Survey time period

1998 to 2018

Supplementary notes

All data revised under the 2014 Comprehensive Revision of the Industry Economic Accounts.
Figures have been restated in the 2019 edition of the report.

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Statistics on "United States natural gas industry"

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