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.

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 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.

The United States consumed ***** million metric tons of oil in 2023. This represented a slight increase in comparison to the previous year. Oil consumption in the United States reaxhed a record low in 2020. Liquid fuels are the country's main energy source.

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 Report Covers US Oil and Gas Market Trends and Industry Overview and it is Segmented by Sector (Upstream, Midstream, and Downstream).

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.

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

The average for 2022 based on 25 countries was 204.82 thousand barrels per day. The highest value was in the USA: 4025.57 thousand barrels per day and the lowest value was in Montserrat: 0.09 thousand barrels per day. The indicator is available from 1980 to 2023. Below is a chart for all countries where data are available.

The price of crude oil in the US market is determined by supply and demand forces, with various factors influencing these dynamics. This article explores the supply factors such as production levels, imports, and inventories, as well as the demand factors including economic growth and seasonal variations. Additionally, it discusses other influencing factors like exchange rates and speculation. It emphasizes the close link between the crude oil price in the US market and international oil prices, highlightin

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

This statistic depicts the consumption volume of motor oil by the private sector in the United States from 2013 to 2017, and forecast figures for 2018 to 2024. By 2024, the volume of motor oil consumed by the U.S. private sector is expected to decrease to some 561 million gallons, compared to 579 million gallons in 2016.

Crude Oil rose to 68.75 USD/Bbl on July 11, 2025, up 3.27% from the previous day. Over the past month, Crude Oil's price has risen 1.04%, but it is still 16.37% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on July of 2025.

The report covers US Automotive Engine Oil Companies and the market is segmented by Vehicle Type ( Commercial Vehicles, Motorcycles, Passenger Vehicles ) and by Product Grade.

The size of the U.S. Olive Oil Market was valued at USD 3.34 billion in 2023 and is projected to reach USD 5.51 billion by 2032, with an expected CAGR of 7.4 % during the forecast period. The U.S. olive oil market has been continuously growing, due to rising health-conscious consumer behavior and growing awareness of the benefits of olive oil. Extra virgin olive oil is valued for its heart-healthy fats, antioxidants, and anti-inflammatory properties, which have made it popular as a cooking and salad dressing staple. As more American consumers embrace Mediterranean diets, demand for premium, high-quality olive oil has increased. The market has also been impacted by the growth in culinary tourism and food bloggers who emphasize authentic and high-quality ingredients. With the increasing trend toward organic and sustainably sourced food, there is a rising preference for olive oils that are certified organic and traceable to their origin. The U.S. market is also diversifying olive oil products, including flavored oils and smaller, artisanal brands, offering consumers a wider range of choices. This growth trajectory continues to indicate expansion in the U.S. olive oil market. Recent developments include: In September 2024, Corto Olive Co. launched its limited-edition Harvest 2024 Agrumato-Method Calabrian Chili Olive Oil, perfect for enhancing fall and holiday recipes. This unique oil combines the vibrant flavors of fresh heirloom Calabrian chilies and fall-harvest olives, delivering a complex and multi-dimensional taste experience. Renowned for its 100% California-grown olive oil, Corto aims to inspire home chefs seeking to add a spicy twist to their culinary creations this season. , In April 2024, Filippo Berio teamed up with the Alzheimer’s Drug Discovery Foundation to raise awareness and fund research for Alzheimer’s disease and related dementias. This partnership aligns with emerging research suggesting that olive oil may benefit both cardiovascular and brain health. The collaboration aims to promote awareness of lifestyle changes, particularly healthy dietary choices, that can positively impact brain health, helping consumers make informed health decisions. , In March 2024, California Olive Ranch (COR), a leading producer of extra virgin olive oil (EVOO) and related types, launched its new Chef's Bottles, designed to provide a versatile and user-friendly option for enjoying high-quality EVOO in everyday cooking. This type follows COR's recent expansions, which include a 100% California EVOO Bag-in-Box and a recyclable aluminum bottle line. The Chef's Bottle offers improved pouring control and reflects the brand's dedication to California's stringent quality standards, which are recognized as the highest in the world for EVOO .

The United States and China are the top largest consumers of oil in the world, totaling ********** and ************ barrels per day, respectively. In the last decade, the share of global oil consumption from Europe and North America have begun to decline, whereas consumption levels from Asia Pacific and other regions have risen. As other sources of energy become more cost effective and due to the prominence of new transportation technologies, oil consumption worldwide is expected to reach a peak in the near future. Refining oil Crude oil is refined into petroleum products, such as gasoline and diesel fuel, and used for a wide variety of products, although many refineries focus on transportation fuels. Generally, crude oil feedstocks are processed by an oil production plant and is an essential part of the downstream petroleum industry.

Balance OPEC crude oil production Difference a b Global oil demand, supply, oil market balance and required amounts of OPEC crude nbsp World oil Demand World oil demand growth in 2018 was revised downward by around 20 tb d, primarily as a result of the slower than expected performance by non OECD Latin America and the Middle East during 2Q18 Hence, world oil demand growth is now pegged at 1 62 mb d, with total global consumption at 98 82 mb d World Oil SupplyNon OPEC oil supply in 2018 was revised down by 0 06 mb d from the previous MOMR to average 59 56 mb d, mainly due to a downward adjustment in the supply forecast for Brazil, the UK, India, Malaysia and China on lower than expected output in 2H18, which was partially offset by an upward revision in US supply Y o y growth was also revised down by 0 06 mb d to now stand at 2 02 mb d The US, Brazil, Canada, Kazakhstan and the UK are expected to be the main drivers for y o y growth, while Mexico and Norway will show the largest declines nbsp World EconomyGlobal economic growth forecasts remain robust for 2018 and 2019, at 3 8 and 3 6 , respectively While the growth levels are unchanged from last month, a number of offsetting developments, particularly rising challenges in some emerging and developing economies, are skewing the current global economic growth risk forecast to the downside Rising trade tensions, and the consequences of further potential monetary tightening by G4 central banks, in combination with rising global debt levels, are additional concerns

The average for 2014 based on 21 countries was 422.29 thousand barrels per day. The highest value was in Brazil: 3144 thousand barrels per day and the lowest value was in Haiti: 18 thousand barrels per day. The indicator is available from 1980 to 2014. Below is a chart for all countries where data are available.

The USA: Oil consumption, thousand barrels per day: The latest value from 2014 is 19106 thousand barrels per day, an increase from 18961 thousand barrels per day in 2013. In comparison, the world average is 444.70 thousand barrels per day, based on data from 210 countries. Historically, the average for the USA from 1980 to 2014 is 18181.71 thousand barrels per day. The minimum value, 15231 thousand barrels per day, was reached in 1983 while the maximum of 20802 thousand barrels per day was recorded in 2005.

The size of the USA Oil and Gas Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 4.00% during the forecast period. The oil and gas market refers to the global industry involved in the exploration, extraction, refining, transportation, and sale of petroleum and natural gas products. This sector plays a crucial role in powering the global economy, providing the primary source of energy for industries, transportation, heating, and electricity generation. The market is divided into three main segments: upstream, midstream, and downstream. Upstream involves exploration and production, where companies search for oil and gas reserves and extract them. Midstream covers the transportation, storage, and wholesale marketing of crude or refined petroleum products, often involving pipelines, shipping, and storage facilities. Downstream includes refining crude oil, processing raw natural gas, and marketing the end products like gasoline, diesel, jet fuel, lubricants, and petrochemicals used in plastics and other materials. Recent developments include: March 2022: The United States' President Joe Biden agreed to a landmark energy supply deal with the European Union. Under this deal, the United States was expected to increase transatlantic gas deliveries. This deal is important to reduce dependence on Russia after the Russia-Ukraine War., January 2022: The Department of Energy announced the release of 13.4 million barrels of oil from the Strategic Petroleum Reserve. The release of the emergency oil reserves aimed to combat rising gasoline prices in the United States and the lack of oil supply worldwide.. Key drivers for this market are: 4., Modernization and Upgrades of Existing Military Aircraft Fleets4.; Increasing Defense Budgets. Potential restraints include: 4., Shift Toward Unmanned Aircraft. Notable trends are: Upstream Sector Expected Witness Significant Growth.