Industry Explained
Regularly updated data on the most common questions about the oil and gas industry.
For questions please contact: press@api.org
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Economic Contribution of the U.S. Oil and Natural Gas Industry
The U.S. oil and natural gas industry supported 10.8 million jobs and contributed nearly $1.8 trillion to the U.S. economy in 2021.
What is the U.S. oil and natural gas industry’s economic impact by congressional district?
What is the U.S. oil and natural gas industry’s economic impact by state?
Oil Production
The U.S. was the world’s largest crude oil producer in 2024, with production reaching a record 13.5 million barrels per day in December 2024. Texas is the largest crude oil producing state, but New Mexico has seen the most significant growth since 2019.
How much crude oil does the U.S. produce?
Which U.S. states produce the most crude oil?
How does U.S. crude production compare to other countries?
Oil Consumption
The U.S. was the world’s largest consumer of petroleum products in 2024, with consumption averaging 20.3 million barrels per day. Transportation fuels, including gasoline, accounted for 68% of U.S. petroleum product demand in 2024.
How much oil does the U.S. consume?
What petroleum products does the U.S. consume?
How does U.S. oil consumption compare to other countries?
Oil Trade
The U.S. is a net exporter of total crude oil and petroleum products, but it still imports a significant amount of crude oil. In 2024, 62% of U.S. crude oil imports came from Canada. U.S. crude oil imports are typically a higher density (lower API gravity) than most domestic production. Many U.S. refineries were optimized to run heavier imported crudes. U.S. refineries process crude oil into petroleum products which are both consumed domestically and exported.
How much crude oil and petroleum products does the U.S. import and export?
Where does the U.S. import crude oil from?
Where does the U.S. export crude oil to?
Why does the U.S. import crude oil?
Refining Capacity
In 2024, the U.S. had 132 operating refineries with a combined atmospheric crude distillation capacity of 18.3 million barrels per day. Texas and Louisiana contain 50% of U.S. refining capacity. The U.S. has the second most refining capacity in the world, after being surpassed by China in 2023.
How many refineries are in the U.S.?
How much refining capacity is in each state?
What country has the most refining capacity?
Natural Gas Production
The U.S. is the world’s largest natural gas producer, with marketed production averaging 113.5 billion cubic feet per day in 2024. Texas is the largest natural gas producing state and has been the largest driver of production growth since 2019.
How much natural gas does the U.S. produce?
Which U.S. states produce the most natural gas?
How does U.S. natural gas production compare to other countries?
Natural Gas Consumption
The U.S. was the world’s largest consumer of natural gas in 2024, with consumption averaging 90.4 billion cubic feet per day. Electric power accounted for 41% of U.S. natural gas use in 2024.
How much natural gas does the U.S. consume?
What sector uses the most natural gas?
How does U.S. natural gas consumption compare to other countries?
Natural Gas Trade
The U.S. is a net exporter of natural gas. In 2024, liquified natural gas (LNG) accounted for 57% of U.S. natural gas exports. The U.S. was the world’s largest LNG exporter in 2023. 70% of U.S. natural gas pipeline exports went to Mexico in 2024 and 42% of LNG exports went to EU-27 countries.
How much natural gas does the U.S. import and export?
How much U.S. natural gas is exported through pipelines versus LNG?
Where does the U.S. export LNG to?
How do U.S. LNG exports compare to other countries?
The oil and gas industry is complex and technical but API is here to help. API’s collection of primers and explainers can help explain many aspects of the industry.
For questions please contact: press@api.org
