The gross output of the U.S. oil and gas extraction industry stood at 639.3 billion U.S. dollars in 2022, up from 417.8 billion dollars in the previous year. Gross output saw a net increase since 2017 and generally reflect changes in crude oil prices and underlying world market developments.
Growth in industry's value added
Taking into account the cost of services and goods used during production, the industry's value added has increased along greater gross output. In 2022, value added by the U.S. oil and gas extraction industry climbed to over 300 billion U.S. dollars. This value was again largely a reflection of increasing crude oil prices on the world market. The monthly West Texas Intermediate reached over 100 U.S. dollars between March and July 2022, greatly benefiting U.S. producers.
Trends in domestic oil production
Domestic oil production has grown exceptionally since technological advances and historically high oil prices made shale mining profitable. Between 2008 and 2022, U.S. oil production increased nearly three-fold, reaching a new peak in the latter year.
Gross output of the oil and gas extraction industry in the United States from 2017 to 2022
(in billion U.S. dollars)
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BEA. (September 28, 2023). Gross output of the oil and gas extraction industry in the United States from 2017 to 2022 (in billion U.S. dollars) [Graph]. In Statista. Retrieved September 21, 2024, from https://www.statista.com/statistics/193418/gross-output-of-the-us-oil-and-gas-extraction-industry-since-1998/
BEA. "Gross output of the oil and gas extraction industry in the United States from 2017 to 2022 (in billion U.S. dollars)." Chart. September 28, 2023. Statista. Accessed September 21, 2024. https://www.statista.com/statistics/193418/gross-output-of-the-us-oil-and-gas-extraction-industry-since-1998/
BEA. (2023). Gross output of the oil and gas extraction industry in the United States from 2017 to 2022 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: September 21, 2024. https://www.statista.com/statistics/193418/gross-output-of-the-us-oil-and-gas-extraction-industry-since-1998/
BEA. "Gross Output of The Oil and Gas Extraction Industry in The United States from 2017 to 2022 (in Billion U.S. Dollars)." Statista, Statista Inc., 28 Sep 2023, https://www.statista.com/statistics/193418/gross-output-of-the-us-oil-and-gas-extraction-industry-since-1998/
BEA, Gross output of the oil and gas extraction industry in the United States from 2017 to 2022 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/193418/gross-output-of-the-us-oil-and-gas-extraction-industry-since-1998/ (last visited September 21, 2024)
Gross output of the oil and gas extraction industry in the United States from 2017 to 2022 (in billion U.S. dollars) [Graph], BEA, September 28, 2023. [Online]. Available: https://www.statista.com/statistics/193418/gross-output-of-the-us-oil-and-gas-extraction-industry-since-1998/