In 2022, the United States consumed 19.1 million barrels of oil daily. In comparison to the previous year, figures increased by around 1.9 percent. Within the period of consideration the figure peaked at 20.8 million barrels of oil daily in 2005. The U.S. is the country with the highest oil consumption in the world.
Domestic production
U.S. oil production saw a noticeable growth after the Great Recession, as the energy industry developed extraction technologies to reduce the need to import high-priced oil. In 2021, domestic production amounted to 16.6 million barrels per day, while figures in 2008 stood at 6.8 million barrels per day. Texas is by far the leading crude oil producing state, with an annual production of 1.7 billion barrels in 2021. North Dakota was the second largest producer, at a quarter of Texas’ production.
American oil companies
As of April 2022, ExxonMobil had the highest market capitalization of any oil and gas producer in the world. Chevron and ConocoPhillips were also among the top 10 oil and gas companies worldwide based on market value, ranking second and seventh, respectively. ExxonMobil was founded in 1999, as a merger of Exxon and Mobil, formerly the Standard Oil Company of New Jersey and Standard Oil Company of New York, respectively. ExxonMobil is headquartered in Irving, Texas (although it has recently announced it will move it's headquarters further South to its Houston campus) and generated an operating revenue of 285.6 billion U.S. dollars in 2021. This figure represented an increase of roughly 57 percent in comparison to the previous year, when the company’s revenue dropped as a consequence of the coronavirus pandemic.
