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The gross output of the U.S. oil and gas extraction industry stood at 456 billion U.S. dollars in 2024, down from  467.7 billion dollars in the previous year. Gross output saw a net increase since 2017 and generally reflects changes in crude oil prices and underlying world market developments. 

Growth in industry's value added

Taking into account the cost of services and goods used during production, the industry's value added has increased along greater gross output. In 2023, value added by the U.S. oil and gas extraction industry shrank to just over 250 billion U.S. dollars.

Trends in domestic oil production

Domestic oil production has grown exceptionally since technological advances and historically high oil prices made shale mining profitable. Between 2008 and 2023, U.S. oil production increased nearly three-fold, reaching a new peak in the latter year.