Growth and Demand of Oil & Gas Industry in the USA
USA oil & gas production has increased rapidly in recent years.
Since the 1820s and 1850s, the USA has been producing oil and gas. As of 2018, the USA is considered to be the world's ninth-largest oil reserves and fifth-largest natural gas reserves. Currently, there are about 9000 independent oil & natural gas producers in the USA.
The USA oil and gas companies are accounted for a 24% share of total global oil & gas brand value. It is estimated that by 2024, the USA will export more oil than Russia & Saudi Arabia.
The USA is considered to be the world's largest oil & gas consuming nation:In 2018, the USA produced 669 million metric tons of oil & 832 billion cubic meters of natural gas and consumed nearly 919.7 million metric tons of oil & 29.95 trillion cubic feet of natural gas. Yet, it remains the world's top producer (723mt, 16.7mb/d), yielding 20% more oil and 25% more gas than Russia.
"Texas is one of the leading state producing oil & gas in the USA."
Despite low rates, USA Natural Gas Production achieved a new record of 92.8 billion cubic feet per day (bcf / d) in August 2019. It is estimated that some 2.5 million people will be employed in the U.S. oil and gas industry by 2035.