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The US oil and gas market is expected to remain strong in the forecast period from 2023 to 2028. The major drivers are growing energy demand, government support, and increased production in the Permian basin.
The US economy is expected to continue to grow in the coming years, which will lead to increased demand for energy. This demand will be met by a combination of oil and gas as well as renewable energy sources. Being a major exporter of natural gas, the country’s oil and gas industry is expected to benefit from the rising need for gas in Europe amid the Russian-Ukraine war.
The Permian Basin is one of the most prolific oil and gas producing regions in the world. Production in the basin has increased significantly in recent years and is expected to continue to grow in the coming years. These factors are expected to drive the US oil and gas market in the forecast period.
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Driver: Government Support in the Form of Fossil Fuel Subsidies and Drilling Permits
The United States government has long supported the oil and gas industry through a variety of means, including subsidies, tax breaks, and regulatory benefits. These subsidies have helped to make the industry more profitable, which has led to increased investment and production.
Subsidies have encouraged investment in new exploration and drilling activities, lowered the cost of doing business for oil and gas companies, and advanced the development of new technologies and methods for extracting oil and gas.
The rising number of oil and gas drilling permits being approved by the US federal government is also one of the major drivers for the petroleum industry in the country. Though the number of drilling permits has plunged in the past few years, the number of permits being issued is again on the rise due to tight supply conditions in the international markets.
Oil Scenario
US crude oil production is expected to reach 12.7 million barrels per day (mbpd) in 2028. In 2019, the country recorded its highest ever crude oil production of 12.3 mbpd; the following years (2020 and 2021) registered a decline in production to 11.3 mbpd owing to the COVID-19 pandemic-induced decline in demand.
In 2022, the total US oil production increased to 11.9 mbpd due to increased demand (both domestic and global) and higher oil prices, which made it more profitable for oil companies to increase production. The war in Ukraine has led to an increase in crude oil demand from the United States. Russia is a major exporter of crude oil, and the war has led to a decrease in Russian energy exports. This has created an opportunity for the United States to increase its exports to the global market.
Natural Gas Scenario
The US natural gas production increased by 5.7% from 92.87 billion cubic feet per day (bcfd) in 2019 to 98.13 bcfd in 2022. The Russia-Ukraine war is a major reason for the increase in production because the war has led to an increase in natural gas demand from the United States. Russia is a major exporter of natural gas, and the war has led to a decrease in Russian exports. This has created an opportunity for the United States to increase its exports to the global market.
What Do We Cover in the Report?
Blackridge Research's United States (US) Oil and Gas Market report contains the oil and gas production analysis, revenues from oil and gas operations of key players in the United States (US), exports and imports from and to the United States (US), oil and gas supply-demand dynamics, and the competitive landscape.
Also, the list of ongoing and upcoming oil and gas production wells, the government regulations and award of contracts, the list of upcoming gas and oil pipeline projects and the ones in use, and the list of refineries, LNG terminals, and gas processing plants (if any) along with their individual capacities from our extensive database of global project tender tracker.
Furthermore, the report will contain the drivers and restraints within the United States Oil and Gas Market along with a meticulous evaluation of their impact in the near-, medium-, or longer-term using Harvey balls and a presentation to enable identification of market opportunities and planning for long-term growth.
The impact of the COVID-19 pandemic is an integral part of the report.
This report helps to:-
- Gain a deeper understanding of the impact of COVID 19 on the US oil and gas market.
- Equip yourself with rigorous analysis and forward-looking insight into the US oil and gas market.
- Evaluate the attractiveness and state of competition in the industry to identify opportunities and develop a strategy
- Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development
- Assess the current production and forecasts as an important part of devising your business plans and strategy
- Gain a comprehensive view of the emerging market trends and developments to assess market opportunities
- Be better informed of your competition by gaining access to detailed information and analysis of key industry players
- Keep on top of M&A developments, JV’s, and other agreements to assess the evolving competitive landscape and enhance your competitive position
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