U.S. Energy Production Rises 4% in 2023, EIA Reports

U.S. Energy Production Rises 4% in 2023, EIA Reports

U.S. energy production increased 4% to nearly 103 quadrillion British thermal units (quads) in 2023, hitting a record high and exceeding consumption by 9 quads, the U.S. Energy Information Administration reported Wednesday.

Energy consumption in the U.S. fell 1% to 94 quads during the same period. Production surpassed consumption more than at any time in the agency’s records, which date back to 1949.

The production increase was driven largely by growth in oil and natural gas production in 2023, according to the EIA. Dry natural gas production rose 4% to a record 39 quads while crude production climbed 9%, reaching a record of 27 quads. In 2023, gas production grew 58%.

Natural gas plant liquids, a byproduct of natural gas production, rose 8% to 8 quads in 2023 and has increased by 143% since 2013, the EIA said.

Energy production from renewable sources grew 1% to a record 8 quads in 2023, a 28% increase since 2013, the EIA reported. Solar rose 15%, reaching almost 1 quad, and biomass energy production increased nearly 2% to more than 5 quads. Wind production fell 2% to about 1.5 quads.

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 U.S. in 2023, remained virtually unchanged in 2023 compared with the previous year.

Coal consumption fell 17% to 8 quads, the least since the 19th century, mainly due to lower use of coal for electricity generation. US Dollar Slides Ahead of Presidential Debate