Saturday, July 13, 2024

U.S. energy production continues to soar

by BIZ Magazine

(The Center Square) – In 2023, energy production in the United States reached unprecedented levels, marking a significant milestone in the nation’s energy landscape.

Energy production surpassed energy consumption by nine quadrillion British thermal units, the first time since the 1950s, according to data from the Energy Information Administration.

Energy production surged by 4% to nearly 103 quads according to the data, setting a new record.

The boost in total U.S. energy production was primarily propelled by substantial increases in natural gas and crude oil production throughout 2023, the EIA said.

Natural gas production surged by 4%, hitting a record 39 quads and marking a 58% increase since 2013, according to the data.

Similarly, crude oil production spiked by 9% from the previous year, reaching an all-time high of 27 quads and showing a robust 69% growth since 2013.

Additionally, production of natural gas plant liquids, a byproduct of natural gas extraction, surged by 8% to 8 quads in 2023, marking a notable 143% increase since 2013.

NGPLs include ethane, butanes, and propane, which are common components of plastics, refrigeration and industrial equipment.

Renewable energy sources also made strides, with overall production increasing by 1% to a record 8 quads in 2023, a 28% rise since 2013.

Solar energy saw a notable 15% growth, nearing 1 quad, while biomass energy production rose by nearly 2%, surpassing 5 quads.

Wind energy production experienced a slight downturn of 2%, attributed to slower wind speeds observed during the year, according to EIA.

U.S. energy consumption exhibited a slight dip in 2023, continuing a trend that has fluctuated between 89 quads and 97 quads annually since hitting a record high of 99 quads in 2007.

Petroleum and natural gas remained the predominant energy sources, with combined consumption holding steady from 2022 levels.

A recent report from the International Gas Union showed that the U.S. liquified natural gas industry is the world’s largest producer.

Notably, coal consumption plummeted by 17% to 8 quads, marking its lowest usage since the 19th century, largely due to reduced reliance on coal for electricity generation.

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