In 2024, the United States consumed nearly ** million barrels of oil daily. In comparison to the previous year, figures decreased by around *** percent. Within the period of consideration, the figure peaked at **** million barrels of oil daily in 2005. The U.S. is the country with the highest oil consumption in the world. Domestic production U.S. oil production saw a noticeable growth after the Great Recession, as the energy industry developed extraction technologies to reduce the need to import high-priced oil. In 2021, domestic production amounted to **** million barrels per day, while figures in 2008 stood at *** million barrels per day. Texas is by far the leading crude oil producing state, with an annual production of *** billion barrels in 2024. New Mexico was the second largest producer, at a third of Texas’ production. American oil companies As of June 2025, ExxonMobil had the highest market capitalization of any oil and gas producer in the world. Chevron and ConocoPhillips were also among the top 10 oil and gas companies worldwide based on market value, ranking ****** and ******** respectively. ExxonMobil was founded in 1999, as a merger of Exxon and Mobil, formerly the Standard Oil Company of New Jersey and Standard Oil Company of New York, respectively. ExxonMobil is headquartered in Irving, Texas (although it has recently announced it will move its headquarters further South to its Houston campus) and generated an operating revenue of *** billion U.S. dollars in 2023. This figure represented an increase in comparison to 2021, when the company’s revenue dropped as a consequence of the coronavirus pandemic.

View yearly updates and historical trends for US Oil Consumption. from United States. Source: Energy Institute. Track economic data with YCharts analytics.

The transportation sector is the greatest consumer of petroleum in the United States. In 2024, it was responsible for the consumption of roughly 13.8 million barrels of petroleum per day. The industrial sector followed, using an average of 5.4 million barrels per day.

Key information about United States Oil Consumption

• United States Oil Consumption was reported at 18,983.557 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 18,862.210 Barrel/Day th for Dec 2022
• US Oil Consumption data is updated yearly, averaging 17,634.400 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 20,531.482 Barrel/Day th in 2005 and a record low of 11,512.436 Barrel/Day th in 1965
• US Oil Consumption data remains active status in CEIC and is reported by BP PLC
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.BP.OIL: Oil: Consumption

The United States consumed 23.5 million barrels of petroleum and petroleum products per day in 2024. This figure represents an increase compared to the previous two years. Overall, petroleum use in the U.S. grew within the period of consideration.

The United States consumed ******million metric tons of oil in 2024. This represented a slight decrease in comparison to the previous year. Oil consumption in the United States reached a record low in 2020. Liquid fuels are the country's main energy source.

Oil consumption in Central and South America has been fluctuating in recent years. In 2023, consumption reached *** million barrels per day, an increase of roughly *** percent in comparison to the previous year.

The USA: Diesel and heating oil consumption, thousand barrels per day: The latest value from 2023 is 3916.13 thousand barrels per day, a decline from 4025.57 thousand barrels per day in 2022. In comparison, the world average is 145.86 thousand barrels per day, based on data from 190 countries. Historically, the average for the USA from 1980 to 2023 is 3535.25 thousand barrels per day. The minimum value, 2670.86 thousand barrels per day, was reached in 1982 while the maximum of 4195.91 thousand barrels per day was recorded in 2007.

Oil consumption worldwide reached approximately ************* barrels per day in 2024. This was an increase of around ****percent in comparison to the previous year. Apart from the years of the financial crisis and the 2020 coronavirus pandemic, oil consumption consecutively increased in every year since 1998. Oil demand by region As a region, Asia-Pacific has the highest demand for oil in the world, followed closely by the Americas. The United States alone contributes strongly to this high regional demand in the Americas, as it is the country with the largest petroleum consumption in the world. Oil is mainly used as a raw material for motor fuels or as a feedstock in the chemicals industry for products ranging from adhesives to plastics. It has historically also been used as a source for electricity and heat generation, although to a lesser extent than other fossil fuels such as coal and natural gas. Where is oil produced? Though the U.S. holds only around **** percent of proved oil reserves, it currently accounts for the greatest share of global crude oil production, surpassing countries with far larger oil reserves such as Saudi Arabia. With the expansion of the shale oil industry through new methods of extraction like hydraulic fracturing and horizontal drilling, the United States has become less dependent on oil imports as domestic production has drastically increased.

Crude Oil Production in the United States increased to 13580 BBL/D/1K in June from 13447 BBL/D/1K in May of 2025. This dataset provides the latest reported value for - United States Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

This dataset provides values for CRUDE OIL CONSUMPTION. reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

United States US: Fossil Fuel Energy Consumption: % of Total data was reported at 82.776 % in 2015. This records a decrease from the previous number of 82.935 % for 2014. United States US: Fossil Fuel Energy Consumption: % of Total data is updated yearly, averaging 87.236 % from Dec 1960 (Median) to 2015, with 56 observations. The data reached an all-time high of 95.982 % in 1967 and a record low of 82.776 % in 2015. United States US: Fossil Fuel Energy Consumption: % of Total data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United States – Table US.World Bank.WDI: Energy Production and Consumption. Fossil fuel comprises coal, oil, petroleum, and natural gas products.; ; IEA Statistics © OECD/IEA 2014 (http://www.iea.org/stats/index.asp), subject to https://www.iea.org/t&c/termsandconditions/; Weighted average; Restricted use: Please contact the International Energy Agency for third-party use of these data.

The global demand for crude oil (including biofuels) in 2024 amounted to 103.75 million barrels per day. The source expects economic activity and related oil demand to pick up by the end of the year, with forecast suggesting it could increase to more than 105 million barrels per day. Motor fuels make up majority of oil demand Oil is an important and versatile substance, used in different ways and in different forms for many applications. The road sector is the largest oil consuming sector worldwide. It accounts for nearly one half of the global demand for oil, largely due to reliance on motor spirits made from petroleum. The OPEC projects global oil product demand to reach 120 million barrels per day by 2050, with transportation fuels such as gasoline and diesel expected to remain the most consumed products. Diesel and gasoil demand is forecast to amount to 32.5 million barrels per day in 2050, up from 29 million barrels in 2023. Gasoline demand is forecast at 27 million barrels by 2050. Differences in forecast oil demand widen between major energy institutions Despite oil producing bodies such as the OPEC seeing continued importance for crude oil in the future, other forecast centers have been more moderate in their demand outlooks. For example, between the EIA, IEA, and OPEC, the latter was the only one to expect significant growth for oil demand until 2030.

Forecast: Oil Consumption in the US 2022 - 2026 Discover more data with ReportLinker!

United States US: Electricity Production From Oil Sources: % of Total data was reported at 0.904 % in 2015. This records a decrease from the previous number of 0.923 % for 2014. United States US: Electricity Production From Oil Sources: % of Total data is updated yearly, averaging 4.834 % from Dec 1960 (Median) to 2015, with 56 observations. The data reached an all-time high of 17.167 % in 1977 and a record low of 0.774 % in 2012. United States US: Electricity Production From Oil Sources: % of Total data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United States – Table US.World Bank.WDI: Energy Production and Consumption. Sources of electricity refer to the inputs used to generate electricity. Oil refers to crude oil and petroleum products.; ; IEA Statistics © OECD/IEA 2014 (http://www.iea.org/stats/index.asp), subject to https://www.iea.org/t&c/termsandconditions/; Weighted average; Electricity production shares may not sum to 100 percent because other sources of generated electricity (such as geothermal, solar, and wind) are not shown. Restricted use: Please contact the International Energy Agency for third-party use of these data.

Domestic palm oil consumption in the United States (U.S.) amounted to approximately *** million metric tons in 2024. There has been a decrease of over 1,000 metric tons in comparison to the previous year. Palm oil in the U.S. Palm oil is an edible vegetable oil. It is used for food manufacturing as well as in non-edible products such as beauty products and biofuel. A division of palm oil usage in the U.S. by purpose type shows that the vast majority of palm oil is for edible usage. Palm oil is the third most frequently consumed type of edible oil in the United States. Americans consume about *** million metric tons of palm oil, compared to about **** and *** million metric tons of soybean and rapeseed oil, respectively. The volume of imports of palm oil to the U.S. amounts to around *** billion pounds annually. The market for palm oil worldwide Among the different types of vegetable oils consumed worldwide, palm oil is the most consumed type of vegetable oil. The worldwide consumption of palm oil amounts to more than ***** million metric tons. Palm oil also has the highest import volume of vegetable oils worldwide, with just under ** million metric tons of imports annually. In total, the global production of vegetable oils is approximately *** million metric tons and expected to increase further.

As per Cognitive Market Research's latest published report, the Global Oil Exploration and Production market size is $3,588.98 Million in 2024 and it is forecasted to reach $5,116.57 Billion by 2031. Oil Exploration and Production Industry's Compound Annual Growth Rate was 5.20% from 2024 to 2031. Market Dynamics of the Oil Exploration and Production Market

Market Driver for the Oil Exploration and Production Market

The increasing investment in oil sector by several government bodies worldwide elevates the market growth 

Many countries view a stable and secure energy supply as crucial for their economic development and national security. Investing in the oil sector helps ensure a reliable source of energy. Oil exploration and production contribute significantly to the economic growth of a country. Governments often invest in the oil sector to capitalize on the potential for high returns, which can be used to fund public services, infrastructure projects, and other essential programs. Despite efforts to transition to renewable energy sources, the global demand for oil remains high. Governments recognize the need to meet this demand and ensure a stable energy supply to support industrial processes, transportation, and other key sectors. The oil and gas industry encompasses activities linked to exploration, including the search for hydrocarbons, identification of high-potential areas for oil and gas extraction, test drilling, the construction of wells, and initial extraction. According to the Center on Global Energy Policy, data 2023, the 2021–22 period of high oil and gas prices did not lead to a significant increase in capital spending by private companies despite record profits. One exception has been upstream exploration and production (E&P) companies, whose capital spending in 2022 was the highest since 2014.   According to the International Labor Organization (ILO), data 2022, the oil and gas industry makes a significant contribution to the global economy and to its growth and development worldwide. The oil industry alone accounts for almost 3 per cent of global domestic product. The trade in crude oil reached US$640 billion in 2020, making it one of the world’s most traded commodities. Additionally, the industry is highly capital-intensive. Globally investments in oil and gas supply reached more than US$511 billion in 2020. According to the oil and gas industry outlook, data 2023, rapid recovery in demand, and geopolitical developments have driven oil prices to 2014 highs and upstream cash flows to record levels. In 2022, the global upstream industry is projected to generate its highest-ever free cash flows of $1.4 trillion at an assumed average Brent oil price of $106/bbl. Until now, the industry has practiced capital discipline and focused on cash flow generation and pay-out—2022 year-to-date average O&G production is up by 4.5% over the same period last year, while 2022 free cash flows per barrel of production is projected to be higher by nearly 70% over 2021. In addition, high commodity prices and growing concerns over energy security are creating urgency for many to diversify supply and accelerate the energy transition. As a result, clean energy investment by Oil &Gas companies has risen by an average of 12% each year since 2020 and is expected to account for an estimated 5% of total Oil & Gas capex spending in 2022, up from less than 2% in 2020.Therefore, investments made over recent decades enabled the United States to become a world leader in oil and natural gas production. Thus, owing to increased oil production, the demand for oil exploration and production has surged during the past few years.

The rising demand for oil across both commercial and residential sector is expected to drive the market growth 

Oil remains a primary source of energy for transportation, including cars, trucks, ships, and airplanes. The growing global population, urbanization, and increased industrial activity contribute to a rise in the number of vehicles and the overall demand for transportation fuels derived from oil, such as gasoline and diesel. Many industrial processes rely on oil and its by-products as energy sources and raw materials. Industries such as manufacturing, petrochemicals, and construction utilize oil-based products for various applications, including heating, power generation, and the production of plasti...

Forecast: Olive Oil Demand in North America 2022 - 2026 Discover more data with ReportLinker!

This dataset displays energy production estimates in trillion Btu by source and by state for the year 2005. Included in the data are figures on coal, natural gas, crude oil, nuclear, renewable, and total energy production. All of which are on a trillion Btu Scale. Data is available for all 50 US states, and the District of Columbia. This information is for the year 2005. Side Notes: Includes coal recovery, market production of natural gas, lease condensate included in the crude oil, and renewable energy consumption is used as proxy.