U.S. Energy Production Surpassed Consumption in 2024 : EIA

U.S. energy production exceeded consumption for the sixth consecutive year during 2024, according to a June 20 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. The U.S. is now a net exporter of energy, having been a net importer during 1974.

Surplus production led to record high U.S. energy exports during 2024, reaching 30.9 quadrillion British thermal units (quads) during 2024, up four percent compared to 2023. Net energy exports reached a record high of 9.3 quads. Meanwhile, energy imports were at 21.7 quads during 2024, flat to 2023.

U.S. energy consumption totalled 94.2 quads during 2024, significantly lower than the record 99 quads during 2007. Petroleum, the largest source of U.S. energy consumption totalled 35.3 quads during 2024, similar to consumption volumes over the previous three years. Natural gas usage hit a record high during 2024 at 34.2 quads, in line with higher demand from the electricity generation sector. Renewable energy usage rose by five percent to reach a record high of 8.6 quads during 2024, due to growth in solar, wind and biofuels. Nuclear energy usage during 2024 was 8.2 quads, similar to the previous year. Coal usage declined to 7.9 quads during 2024, the lowest volume on record.

U.S. energy production rose to a record high of 103.3 quads during 2024, the third year in succession where production has exceeded a prior record. Wind, solar, biofuels, crude oil, natural gas and natural gas plant liquids all hit or equalled record production during 2024.

U.S. exports of natural gas, crude oil and petroleum products reached record highs during 2024. Natural gas exports increased to 7.8 quads during 2024, while crude oil exports totaled 8.6 quads. U.S. petroleum product exports totaled 11.5 quads in 2024.

U.S. crude oil imports accounted for 67 percent of total energy imports during 2024 and have been the main source of U.S. energy imports for over 50 years.