The value added by the U.S. oil and gas extraction industry amounted to 257.03 billion U.S dollars in 2023. This was a notable decrease from the previous year, but an increase compared to before 2021 which saw a decline in oil product demand due to pandemic-induced lockdowns. Energy supply fears in the wake of the Russia-Ukraine war as well as a return to pre-pandemic level economic activity are partly responsible for the increase in value added noted in 2022.
The close connection between 'value added' and crude oil prices
The term 'value added' here refers to the difference between the industry's gross output and the cost of production. In the oil and gas industry, the annual value added is majorly influenced by the impact of world market developments on crude oil prices. As these prices underlay market speculation they are especially volatile. For example, the peak in value added recorded in 2022 comes as domestic first purchase prices for crude oil in the U.S. saw a major increase to over 90 U.S. dollars per barrel, benefiting producers in the country. In 2023, the price was nearly 76 U.S. dollars per barrel.
Oil and gas industry's contributions to U.S. GDP
Producing sectors have historically been a major contributor to the country's gross domestic product. However, as technological advancements have strengthened the service industry, the role of producing sectors declined. In 2023, mining (which includes oil and gas extraction) contributed 380.9 billion U.S. dollars to U.S. coffers. This made it the third smallest contributing just sector ahead of utilities and agriculture.
Value added of the oil and gas extraction industry in the United States from 2017 to 2023
(in billion U.S. dollars)
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BEA. (September 24, 2024). Value added of the oil and gas extraction industry in the United States from 2017 to 2023 (in billion U.S. dollars) [Graph]. In Statista. Retrieved December 23, 2024, from https://www.statista.com/statistics/192910/value-added-by-the-us-oil-and-gas-extraction-industry-since-1998/
BEA. "Value added of the oil and gas extraction industry in the United States from 2017 to 2023 (in billion U.S. dollars)." Chart. September 24, 2024. Statista. Accessed December 23, 2024. https://www.statista.com/statistics/192910/value-added-by-the-us-oil-and-gas-extraction-industry-since-1998/
BEA. (2024). Value added of the oil and gas extraction industry in the United States from 2017 to 2023 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: December 23, 2024. https://www.statista.com/statistics/192910/value-added-by-the-us-oil-and-gas-extraction-industry-since-1998/
BEA. "Value Added of The Oil and Gas Extraction Industry in The United States from 2017 to 2023 (in Billion U.S. Dollars)." Statista, Statista Inc., 24 Sep 2024, https://www.statista.com/statistics/192910/value-added-by-the-us-oil-and-gas-extraction-industry-since-1998/
BEA, Value added of the oil and gas extraction industry in the United States from 2017 to 2023 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/192910/value-added-by-the-us-oil-and-gas-extraction-industry-since-1998/ (last visited December 23, 2024)
Value added of the oil and gas extraction industry in the United States from 2017 to 2023 (in billion U.S. dollars) [Graph], BEA, September 24, 2024. [Online]. Available: https://www.statista.com/statistics/192910/value-added-by-the-us-oil-and-gas-extraction-industry-since-1998/