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

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

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.

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.

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.

Graph and download economic data for Crude Petroleum Consumption for United States (M015ABUSM386NNBR) from Jan 1948 to Nov 1955 about petroleum, crude, consumption, and USA.

Graph and download economic data for Crude Petroleum Consumption, Runs to Stills for United States (M015AAUSM387NNBR) from Jan 1917 to Dec 1948 about petroleum, crude, consumption, and USA.

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.

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

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.

Some argue that peak conventional oil production is imminent due to physical resource scarcity. We examine the alternative possibility of reduced oil use due to improved efficiency and oil substitution. Our model uses historical relationships to project future demand for (a) transport services, (b) all liquid fuels, and (c) substitution with alternative energy carriers, including electricity. Results show great increases in passenger and freight transport activity, but less reliance on oil. Demand for liquids inputs to refineries declines significantly after 2070. By 2100 transport energy demand rises >1000% in Asia, while flattening in North America (+23%) and Europe (−20%). Conventional oil demand declines after 2035, and cumulative oil production is 1900 Gbbl from 2010 to 2100 (close to the U.S. Geological Survey median estimate of remaining oil, which only includes projected discoveries through 2025). These results suggest that effort is better spent to determine and influence the trajectory of oil substitution and efficiency improvement rather than to focus on oil resource scarcity. The results also imply that policy makers should not rely on liquid fossil fuel scarcity to constrain damage from climate change. However, there is an unpredictable range of emissions impacts depending on which mix of substitutes for conventional oil gains dominanceoil sands, electricity, coal-to-liquids, or others.

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

Forecast: Groundnut Oil Demand in the US 2023 - 2027 Discover more data with ReportLinker!

Forecast: Fish Body Oil Demand in the US 2023 - 2027 Discover more data with ReportLinker!

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.

The article discusses the rising demand for virgin olive oil in the United States, projecting a steady increase in consumption over the next decade. Market performance is expected to grow at a moderate rate, with volume reaching 310K tons and market value reaching $2.9B by 2035.

U.S. crude exports dropped to their lowest in nearly four years amid tight supply and cheaper alternatives, challenging long-term growth despite trade agreements.

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. 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.

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.