U.S. Energy Production Rises Faster Than Energy Consumption: EIA

Total U.S. energy production between January and July 2024 was 68 percent, or 24 quadrillion British thermal units (quads) higher compared to the same period in 1974, according to an Oct. 29 report published by the U.S. Energy Information Administration. The increase in energy production, most notably natural gas and crude oil production can be attributed to enhancements in drilling techniques such as horizontal drilling and hydraulic fracturing. Due to the increase in energy production the U.S. is now a net exporter of energy, having been a net importer during 1974.

U.S. energy consumption between January and July 2024 was 32 percent or 13.2 quads higher compared to the same period in 1974. Although U.S. energy consumption has gradually increased since 1974, the growth rate has been noticeably lower than the total growth in U.S. energy production. The increase in U.S. energy consumption over the last 50 years can be attributed to both increasing economic activity and population growth.

Energy production growth over the last 20 years has transformed the U.S. into the globe’s largest natural gas and crude oil producer. Moreover, the U.S. has become a net exporter of energy since 2019. During the first seven months of 1974 the U.S. imported 6.8 quads of energy, in contrast for the same period in 2024, the U.S. has exported around 5.0 quads of energy.

Increasing U.S. energy exports can be attributed to higher exports of crude oil and petroleum production and liquefied natural gas, or LNG. In 2023, the U.S. became the globe’s largest LNG exporter, with exports increasing by 12 percent compared with 2022. The increase in U.S. LNG export volumes during 2023 can be attributed to the Freeport LNG terminal commencing operations in February and returning to capacity in April.