US energy production hits record in ’23

US energy production surged by 4 per cent to nearly 103 quadrillion British thermal units (quads) while consumption saw a slight drop of 1 per cent to 94 quads in the same period in 2023.

According to the US Energy Information Administration’s monthly energy review, the difference between the output and the consumption resulted in a surplus of 9 quads, highlighting a robust energy sector that continues to expand its capacity.

The unprecedented production levels were largely driven by substantial increases in natural gas and crude oil output.

Natural gas production soared to a record 39 quads, up 4 per cent from the previous year and marking a remarkable 58 per cent increase since 2013. Similarly, crude oil production reached 27 quads, growing by 9 per cent year-over-year and showing a notable 69 per cent increase over the past decade.

Moreover, renewable energy sources also played a crucial role in the energy landscape, with solar energy production growing by 15 per cent to nearly 1 quad. However, wind production experienced a slight decline of 2 per cent, attributed to slower wind speeds during the year.

These shifts underscored the diversification and expansion of the US energy portfolio, with renewables making significant strides alongside traditional sources.

Meanwhile, US energy consumption exhibited a slight downturn in 2023, largely due to reduced coal usage, which fell by 17 per cent to 8 quads — the lowest level since the 19th century.

Petroleum and natural gas consumption remained relatively stable compared to the previous year. The data reflects ongoing trends in the energy sector, where advancements in production efficiency and shifts towards cleaner energy sources continue to shape the nation’s energy landscape moving forward.

Attribution: US Energy Information Administration (eia) data.