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

In 2023, the United States consumed nearly ** million barrels of oil daily. In comparison to the previous year, figures increased 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 2023. New Mexico was the second largest producer, at a quarter of Texas’ production. American oil companies As of June 2024, 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.

Crude Oil Production in the United States increased to 13488 BBL/D/1K in March from 13240 BBL/D/1K in February 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.

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.

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.

Oil consumption worldwide reached approximately ************* barrels per day in 2023. This was an increase of around ***** percent in comparison to the previous year, when global oil consumption experienced a drop as a result of the pandemic-enforced mobility restrictions which, in turn, led to a decline in transportation fuel demand. 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.

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.

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.

Crude oil production in the United States is expected to amount to 28.26 quadrillion British thermal units in 2025. Despite many governments intensifying searches for renewable alternatives to fossil fuel energy production, production is forecast to increase until at least 2027. One standard barrel of crude oil contains about 5.8 million British thermal units. U.S. oil production gains in the past decade Thanks to hydraulic fracturing, the United States has been able to position itself as the largest oil producer worldwide. Fracking allows them to extract oil from permeable rock formations, such as shale or tight sandstone. This type of oil is referred to as tight oil or unconventional oil. In the U.S., most shale formations are located in Texas and North Dakota. Since the rapid expansion of fracking, these states have become two of the country’s largest producers of crude oil. The largest oil producing region is the Permian basin in Texas and New Mexico. Most productive oil basins Also, as of May 2025, the Permian basin ranked as the third-largest producer basin of new-well oil, generating slightly over 1,500 barrels per day per rig. The Bakken basin was the largest new-well oil producer that month, with nearly 1,800 barrels per day per rig. New-well oil refers to initial crude oil output from recently drilled and completed wells, a key metric in the oil and gas industry used to assess early well productivity.

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.

United States US: Electricity Production From Oil: Gas And Coal Sources: % of Total data was reported at 67.238 % in 2015. This records a decrease from the previous number of 67.462 % for 2014. United States US: Electricity Production From Oil: Gas And Coal Sources: % of Total data is updated yearly, averaging 72.459 % from Dec 1960 (Median) to 2015, with 56 observations. The data reached an all-time high of 83.232 % in 1966 and a record low of 67.238 % in 2015. United States US: Electricity Production From Oil: Gas And Coal 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. Gas refers to natural gas but excludes natural gas liquids. Coal refers to all coal and brown coal, both primary (including hard coal and lignite-brown coal) and derived fuels (including patent fuel, coke oven coke, gas coke, coke oven gas, and blast furnace gas). Peat is also included in this category.; ; 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.

United States Total Energy Production: Petroleum and Other Liquids data was reported at 35.338 BTU qn in 2023. This records an increase from the previous number of 32.622 BTU qn for 2022. United States Total Energy Production: Petroleum and Other Liquids data is updated yearly, averaging 17.838 BTU qn from Dec 1980 (Median) to 2023, with 44 observations. The data reached an all-time high of 35.338 BTU qn in 2023 and a record low of 12.973 BTU qn in 2008. United States Total Energy Production: Petroleum and Other Liquids data remains active status in CEIC and is reported by U.S. Energy Information Administration. The data is categorized under Global Database’s United States – Table US.EIA.IES: Energy Production and Consumption: Annual.

United States US: Energy Imports: Net: % of Energy Use data was reported at 7.309 % in 2015. This records a decrease from the previous number of 9.214 % for 2014. United States US: Energy Imports: Net: % of Energy Use data is updated yearly, averaging 15.610 % from Dec 1960 (Median) to 2015, with 56 observations. The data reached an all-time high of 29.659 % in 2005 and a record low of 4.253 % in 1967. United States US: Energy Imports: Net: % of Energy Use 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. Net energy imports are estimated as energy use less production, both measured in oil equivalents. A negative value indicates that the country is a net exporter. Energy use refers to use of primary energy before transformation to other end-use fuels, which is equal to indigenous production plus imports and stock changes, minus exports and fuels supplied to ships and aircraft engaged in international transport.; ; 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 consumption of oil has steadily increased over the last three decades, totaling ************ metric tons in 2023, compared to ************ metric tons consumed the previous year. The only decline during this period was observed around the 2008-2009 financial crisis and around the 2020 coronavirus pandemic. Regional oil consumption The United States and China are the countries with the highest oil consumption. Overall, oil consumption worldwide reached a new high in 2023, when it exceeded *********** metric tons for the first time. However, this growth in consumption was the highest in Asia Pacific, where figures went up by some *** percent. In the United States, high consumption levels were held up by demand for petrochemicals as well as increased industrial production and demand for transportation by trucks. What is crude oil? Crude oil is a mixture of hydrocarbons from plant animal life that was formed under immense pressure. It generally exists in liquid form and can be found in underground pools or reservoirs, in small spaces within sedimentary rocks, and near the Earth’s surface as a tar (also known as oil sands). In turn, crude oil and other hydrocarbons in natural gases are refined to form petroleum products such as gasoline and jet fuel.

The global light crude oil market is experiencing robust growth, driven by increasing global energy demand and the continued reliance on petroleum-based products across various sectors. While precise figures for market size and CAGR are not provided, we can extrapolate reasonable estimations based on industry trends. Considering the significant role light crude oil plays in the energy mix, and factoring in projected growth in transportation, industrial production, and agricultural activities, a conservative estimate would place the 2025 market size at approximately $500 billion USD. Assuming a moderate, yet sustainable, CAGR of 3% over the forecast period (2025-2033), the market is poised to surpass $700 billion USD by 2033. Key drivers include expanding economies, particularly in developing nations, which are experiencing rapid industrialization and urbanization, fueling energy consumption. The increasing adoption of light crude oil in diverse applications, like transportation (cars, trucks, and airplanes), mining operations (heavy machinery), and agriculture (fertilizers and pesticides), also contributes significantly to market growth. However, growing environmental concerns regarding carbon emissions and increasing government regulations aimed at promoting renewable energy sources represent key restraints. The market segmentation reveals the significance of the "Very Light Oils" type within the broader light crude oil sector, and the automotive industry as a dominant application segment. The competitive landscape includes both major international oil companies like Hess, ConocoPhillips, and BP, alongside national and regional players. Geographical distribution showcases North America as a key region, owing to its substantial oil reserves and production capacity. However, the Asia-Pacific region, particularly China and India, is expected to exhibit the highest growth rates due to burgeoning energy demand fueled by economic expansion and population growth. Europe, while mature in terms of oil consumption, continues to play a significant role, influenced by its established industrial base and transportation networks. Strategic alliances, technological advancements in extraction and refining, and the ongoing shift towards more sustainable energy practices will shape the market's evolution in the coming years, creating both opportunities and challenges for market participants. Fluctuations in global oil prices will remain a key factor impacting overall market performance. This in-depth report provides a comprehensive overview of the global light crude oil market, analyzing its current state, future trends, and key players. We delve into production, consumption patterns, pricing dynamics, and the impact of geopolitical factors. This report is essential for businesses involved in oil exploration, refining, transportation, and distribution, as well as investors seeking insights into this critical energy sector.

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.

The State Energy Data is a made available by the Energy Information Administration (EIA), the independent statistical and analytical branch of the U.S. Department of Energy (DOE). It provides annual data concerning energy consumption in each of the United States starting from 1960. Tables include annual consumption (measured in physical units, British thermal units (Btu), physical to Btu conversion factors, or share factors) by fuel type, end-user sector, and state. Fuel types include coal, natural gas, and petroleum. End-user sectors include residential, commercial, industrial, transportation, and electric utilities.

The State energy data is available online from: "http://www.eia.doe.gov/emeu/states/_seds.html" The latest report (1999) can be downloaded in pdf.

State data is also available from: "http://eia.doe.gov/emeu/states/_states.html"

The article discusses the increasing demand for crude cotton-seed oil in Latin America and the Caribbean, with market consumption expected to rise over the next decade. Forecasted market performance suggests a steady growth trend, with a projected increase in volume and value by the end of 2035.

The US Oil and Gas Downstream Refining industry, currently exhibiting a Compound Annual Growth Rate (CAGR) of 0.97%, presents a complex landscape shaped by various factors. The market size, while not explicitly stated, can be reasonably estimated based on global trends and the prominence of US players. Considering the significant contribution of major companies like Marathon Petroleum Corp, Phillips 66, Valero Energy Corporation, Exxon Mobil Corporation, and Shell Plc, the market is likely in the hundreds of billions of dollars. Key drivers include increasing global energy demand, particularly in developing economies, and the ongoing shift towards more sophisticated refined products like petrochemicals. However, stringent environmental regulations, fluctuating crude oil prices, and the rise of renewable energy sources pose significant restraints. The industry is segmented into refining and petrochemicals, with the refining segment likely dominating due to the fundamental need for gasoline, diesel, and jet fuel. Growth in the petrochemicals segment is expected to be driven by the increasing demand for plastics and other chemical products. Regional analysis suggests strong performance in North America, driven by domestic production and consumption, while international markets, particularly in Asia Pacific and Europe, experience varying growth depending on local regulations and economic conditions. The forecast period (2025-2033) will see continued competition among established players, along with potential for consolidation and strategic partnerships. Further analysis reveals significant opportunities for growth within specialized refining technologies focusing on efficiency improvements and reduced emissions. The industry is actively pursuing innovations to mitigate environmental impact, including carbon capture and storage technologies. Government policies, including tax incentives for cleaner fuels and regulations aimed at reducing emissions, play a critical role in shaping industry trajectory. Furthermore, the fluctuating geopolitical landscape significantly influences crude oil prices and subsequently impacts profitability within the downstream refining sector. Therefore, strategic risk management and adaptation to evolving global dynamics are crucial for success in this sector. Recent developments include: In June 2024, the United States announced refining capacity expansion of around 1.5% to 18.38 million barrels per day (bpd) in 2023. The expansion in the capacity was due to the expansion of Exxon Mobil's Texas refinery.. Key drivers for this market are: 4., Increasing Demand for Petroleum Products4.; Upcoming Investment in the Refining Sector. Potential restraints include: 4., Increasing Demand for Petroleum Products4.; Upcoming Investment in the Refining Sector. Notable trends are: Refining Sector to Register a Modest Growth.