U.S. oil and gas industry - Statistics & Facts

Published by M. Garside, Aug 29, 2018
The United States has been producing oil and gas since the 1850's and 1820's respectively. In 2017, the U.S. produced 571 million metric tons of oil and 734.5 billion cubic meters of natural gas. As of 2017, it has the world's ninth-largest oil reserves and fifth-largest natural gas reserves. Notably, the U.S. is both the world's largest oil consuming nation and the world's largest natural gas consuming nation, consuming nearly 913.3 million metric tons of oil in 2017 and 27.1 trillion cubic feet of natural gas in 2017.

Texas is one of the United States' leading oil producing states. The Eagle Ford Shale Play, located in Texas, is one of the most actively drilled targets for unconventional oil and gas. There were 67 oil rigs in the Eagle Ford region as of early 2018. Texas is also the leading natural gas producing state in the U.S., though Pennsylvania, the second-largest gas producing state contains the Marcellus Shale Area along with West Virginia, which has the highest number of gas rigs in the country.

Due to the relatively high cost of oil and gas production in the U.S., the recent oil glut has been problematic for many U.S.-based production projects. However, technological advances have meant that shale oil and gas projects in the U.S. are increasingly viable, to the extent that shale oil production accounts for over half of the crude oil production in the U.S. as of 2018. This has caused the U.S. to become the world's largest oil producer as of 2017, when it produced two million barrels of oil per day more than Saudi Arabia did. This impacts the U.S. economy as well as U.S. energy security.

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