U.S. oil and gas industry annual revenue 2010-2023

In 2023, the total revenue of the United States’ oil and gas industry came to 244.4 billion U.S. dollars. That was a considerable decrease from the previous year, when U.S. oil and gas had revenue peaked at 330.8 billion U.S. dollars. 

The advent of shale oil and gas

Following the financial crisis, investors in the U.S. sought to increase domestic production and reduce dependence on foreign oil and gas in turbulent international markets. Despite high start-up costs, shale gas and tight oil became economically viable to extract as the result of new methods such as hydraulic fracturing (also known as fracking). Production expanded rapidly in states with large permeable rock formations of sandstone, such as Texas and North Dakota.

Surplus and instability

The United States’ production of shale gas and tight oil has continued to grow uninhibitedly since 2008, leading to an oversupply by 2014. During the 2010s oil glut, output and revenue decreased as petroleum prices were destabilized worldwide. The trajectory of the gross output in the United States' oil and gas extraction industry largely precipitates the changes in total revenue, both reaching a high point in 2014 before a drastic fall the following year.