U.S. Energy Information Administration said this week U.S. energy production exceeded consumption by a record amount last year. In 2023 energy production in the U.S. rose four percent to a record of nearly 103 quadrillion BTUs. At the same time, energy consumption in the U.S. fell one percent to 94 quads. Production exceeded consumption by 9 quads – more than at any other time in EIA records back to 1949.
The increase in U.S. total energy production was driven primarily by growth in production of crude oil and natural gas. Crude oil production grew by nine percent, and natural gas liquids production increased by eight percent. U.S. energy consumption declined slightly in 2023.