Facts
Oil Production
Since 2018, the U.S. has been the world’s top oil producer, outpacing both Saudi Arabia and Russia. In 2023, U.S. crude oil plus condensate production averaged 12.9 million barrels per day (BPD), driven by the shale revolution. Technological advancements in hydraulic fracturing and horizontal drilling unlocked vast reserves in regions like the Permian Basin and Bakken Formation, transforming the U.S. into an energy superpower.
Beyond crude oil, the U.S. also leads in broader categories, including natural gas liquids (NGLs). In 2023, the U.S. accounted for 15.6% of global oil production, with total output (including NGLs) reaching 19.4 million BPD. This put the U.S. more than 8 million BPD ahead of both Saudi Arabia and Russia in total liquids production. The abundant reserves and efficiency of the Permian Basin are a key to the U.S. success, enabling the U.S. to become a net exporter of petroleum products and reducing reliance on foreign oil.
Natural Gas
The U.S. has been the world’s largest natural gas producer since 2009, thanks to prolific shale formations like the Marcellus, Utica, and Haynesville. These fields have elevated the U.S. to a dominant position, providing affordable domestic energy and fueling a thriving liquefied natural gas (LNG) export market.
In 2023, the U.S. became the top LNG exporter, surpassing Qatar and Australia. American LNG now supplies markets across Europe and Asia, bolstering energy security for allies and creating significant economic opportunities at home. With global demand for LNG on the rise, U.S. producers are well-positioned to meet future needs.
Conclusion
The United States has already achieved energy dominance, excelling in oil and natural gas production, advancing renewable energy, and driving technological innovation. President Trump’s pledge to "unleash" U.S. energy potential is, in many ways, an acknowledgment of success already realized.
With its unparalleled resources, technological expertise, and innovative spirit, the U.S. is well-equipped to lead the global energy landscape for years to come.