U.S. energy production exceeded consumption by record amount in 2023

This article was published by the US Energy Information Administration on June 26, 2024.

By Brett Marohl

In 2023, energy production in the United States rose 4 per cent to nearly 103 quadrillion British thermal units (quads), a record. Energy consumption in the United States fell 1 per cent to 94 quads during the same period. Production exceeded consumption by 9 quads, more than at any other time in our records, which date to 1949.

To compare different types of energy reported in different types of physical units (such as barrels, cubic feet, tons, and kilowatthours), we convert sources of energy to common units of heat called British thermal units (Btu). Noncombustible renewable sources such as hydroelectric and solar energy are converted to Btu using the constant conversion of 3,412 Btu per kilowatthour.

The increase in total U.S. energy production was driven largely by growth in the production of natural gas and crude oil in 2023. Dry natural gas production grew 4 per cent to a record 39 quads in 2023, growing 58 per cent since 2013. Crude oil production grew 9 per cent from 2022 and reached a record of 27 quads in 2023, a 69 per cent increase since 2013. Production of natural gas plant liquids, a byproduct of natural gas production, increased by 8 per cent from 2022 to 8 quads in 2023. Natural gas plant liquids production has increased by 143 per cent since 2013.

Energy production from renewable sources increased 1 per cent from 2022 to a record 8 quads in 2023, a 28 per cent increase since 2013. Solar energy production grew by 15 per cent last year, reaching almost 1 quad, and biomass energy production grew nearly 2 per cent to more than 5 quads. Wind production fell last year by 2 per cent to about 1.5 quads, with wind speeds slower last year.

U.S. energy consumption declined slightly in 2023. Since reaching a record 99 quads in 2007, U.S. energy consumption has fluctuated between 89 quads and 97 quads per year. The combined consumption of petroleum and natural gas, the most-consumed energy sources in the United States in 2023, remained virtually unchanged from 2022 to 2023. Coal consumption fell 17 per cent to 8 quads, the least since the 19th century, largely due to decreased use of coal for electricity generation.