Market Speaks: US produced record amount of energy in 2024, Crude accounts for 27% of output
The US Energy Information Administration or EIA has stated in a latest update that in 2024, the United States produced a record amount of energy. U.S. total energy production was more than 103 quadrillion British thermal units in 2024, a 1% increase from the previous record set in 2023. Several energy sources—natural gas, crude oil, natural gas plant liquids, biofuels, solar, and wind—each set domestic production records last year.
Natural gas accounted for about 38% of US total energy production in 2024 and has been the largest source of US domestic energy production every year since 2011, when it surpassed coal. U.S. dry natural gas production was nearly 38 trillion cubic feet, about the same as in 2023.
Domestic crude oil accounted for about 27% of US total energy production in 2024, as the United States continues to be the world’s top crude oil-producing country. U.S. crude oil production was a record 13.2 million barrels per day in 2024, 2% more than the previous record set in 2023. Almost all of the production growth came from the Permian region that spans parts of New Mexico and Texas.
Coal accounted for about 10% of US total energy production in 2024. At 512 million short tons, last year’s coal production was the lowest annual output since 1964. Coal was the largest source of US energy production from 1984 through 2010.
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