The gross output of the U.S. oil and gas extraction industry stood at 478.75 billion U.S. dollars in 2023, up from 652.94 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 2023, value added by the U.S. oil and gas extraction industry climbed to over 250 billion U.S. dollars.
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 2023, 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 2023
(in billion U.S. dollars)
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BEA. (September 24, 2024). Gross output of the oil and gas extraction industry in the United States from 2017 to 2023 (in billion U.S. dollars) [Graph]. In Statista. Retrieved November 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 2023 (in billion U.S. dollars)." Chart. September 24, 2024. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/193418/gross-output-of-the-us-oil-and-gas-extraction-industry-since-1998/
BEA. (2024). Gross output of the oil and gas extraction industry in the United States from 2017 to 2023 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: November 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 2023 (in Billion U.S. Dollars)." Statista, Statista Inc., 24 Sep 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 2023 (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 November 21, 2024)
Gross output 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/193418/gross-output-of-the-us-oil-and-gas-extraction-industry-since-1998/
