US Oil And Gas Market Size (2024 - 2029)

The United States oil and gas market is poised for growth, driven by advancements in drilling and production technologies, alongside rising oil prices. Despite challenges such as crude oil price volatility and substantial capital and operating costs, the market has rebounded to pre-pandemic levels. The expansion of activities and increased oil production in the Permian Basin present significant opportunities, although competition from the renewable sector poses potential constraints.

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Market Size of US Oil And Gas Industry

United States Oil And Gas Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 4.00 %

Major Players

United States Oil And Gas Market Major Players

*Disclaimer: Major Players sorted in no particular order

US Oil & Gas Market Analysis

The United States oil and gas market is expected to register a CAGR of more than 4% during the forecast period.

In 2020, COVID-19 had a detrimental effect on the market. Presently, the market has reached pre-pandemic levels.

  • Over the medium term, factors such as a reduction in the cost of drilling, new drilling and production technologies, and increasing oil prices are likely to drive the market.
  • On the other hand, the high volatility of crude oil, coupled with the significant capital and operating expenses required to operate and increasing investments in the renewable sector, may restrain the market.
  • Nevertheless, increasing activities and oil production from the Permian Basin in the United States may create many opportunities for the United States oil and gas market.

US Oil & Gas Industry Segmentation

Oil and gas mean petroleum, natural gas, and other related hydrocarbons or minerals, or any of them, and all other substances produced or extracted in association with them.

The United States oil and gas market is segmented by sector into upstream, midstream, and downstream. The report offers crude oil production and consumption forecasts (thousand barrels per day) and natural gas production and consumption forecasts (billion cubic feet per day).

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US Oil And Gas Market Size Summary

The United States oil and gas industry is poised for growth, driven by advancements in drilling and production technologies, alongside rising oil prices. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. Despite challenges such as crude oil price volatility and substantial capital requirements, the industry benefits from significant opportunities in regions like the Permian Basin. The U.S. stands as a leading global crude oil producer, leveraging its vast reserves to meet its substantial energy demands. Notable projects, such as BP's Herschel Expansion and ConocoPhillips' GMT-2 oil project, underscore the sector's potential for expansion during the forecast period.

However, the industry's environmental impact and the U.S. government's shift towards renewable energy sources pose challenges to the oil and gas market. The sector's carbon footprint remains significant, prompting increased investment in renewable energy capacities, such as geothermal and solar power. Legislative efforts, like the America Competes Act, aim to enhance renewable energy infrastructure, potentially restraining the oil and gas market's growth. The market is moderately fragmented, with major players like ExxonMobil, Chevron, and Shell actively participating. Additionally, geopolitical developments, such as the U.S.-EU energy supply deal, highlight the industry's strategic importance in global energy dynamics.

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US Oil And Gas Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Introduction

    2. 1.2 Crude Oil Consumption Forecast in thousands barrels per day, till 2028

    3. 1.3 Natural Gas Consumption Forecast in billion cubic feet per day, till 2028

    4. 1.4 Refinery Installed Capacity and Forecast in thousand barrels per day, till 2028

    5. 1.5 LNG Terminals Installed Capacity and Forecast in MTPA, till 2028

    6. 1.6 Recent Trends and Developments

    7. 1.7 Government Policies and Regulations

    8. 1.8 Market Dynamics

      1. 1.8.1 Drivers

      2. 1.8.2 Restraints

    9. 1.9 Supply Chain Analysis

    10. 1.10 PESTLE Analysis

  2. 2. MARKET SEGMENTATION - BY SECTOR

    1. 2.1 Upstream

    2. 2.2 Midstream

    3. 2.3 Downstream

US Oil And Gas Market Size FAQs

The US Oil And Gas Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

ExxonMobil Corporation, Chevron Corporation, TotalEnergies SE, BP PLC and Shell PLC are the major companies operating in the US Oil And Gas Market.

US Oil and Gas Market Report Snapshots

US Oil and Gas Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)