U.S. energy production has increased faster than energy consumption over the past 50 years

In-brief analysis

In October 1974, in the wake of the 1973 Oil Embargo, the Federal Energy Administration -the predecessor of the U.S. Department of Energy-published the first issue of the Monthly Energy Review (MER), an overview of the energy produced and consumed in the United States. In the 50 years since that first publication, the U.S. energy sector has transformed.

In 1974, the United States consumed more energy than it produced domestically and was a net importer of energy from other countries. Today, the United States produces more energy than it consumes domestically and is a net exporter of energy to other countries.

Between January and July 2024-the most recent data available-total U.S. energy production was 68%, or 24.0 quadrillion British thermal units (quads), more than the same period in 1974. Increased crude oil and natural gas production, brought about by improvements in drilling techniques such as hydraulic fracturing and horizontal drilling beginning in the 2000s, drove much of the growth in total energy production.

U.S. energy consumption has increased steadily since 1974, although total consumption growth is less than total production growth. Between January and July 2024, U.S. energy consumption was 32%, or 13.2 quads, more than the same period in 1974. Consumption growth is due to several factors including population growth and increased economic activity. However, primary energy consumption has generally decreased on both a per capita basis and in terms of energy consumed per dollar of GDP since the 1970s. Increased energy efficiency has contributed to these decreases.

The increase in energy production over the last two decades has turned the United States into the world's largest crude oil and natural gas producer today and from a net energy importer to a net energy exporter starting in 2019. U.S. net energy imports in the first seven months of 1974 were about 6.8 quads. The United States exported a net total of about 5.0 quads during the same period in 2024. The main driver of this shift has been growing exports of crude oil and petroleum products and liquefied natural gas (LNG) over the last 15 years.

Evolution of our data collection
The MER, which predates the establishment of the U.S. Department of Energy in 1977, was first published by the Federal Energy Administration. The MER has grown from 22 tables and 55 graphs in its first issue to 101 tables and 182 graphs in the October 2024 publication. Recent data additions include electric vehicle stocks and electricity use, electricity net summer capacity and capacity factors, and a new total energy flow diagram. For a full list of changes and additions to the MER back to 2000, see the What's New in the Monthly Energy Review page.

Principal contributor: Brett Marohl

Tags: monthly, production/supply, consumption/demand, total energy, oil/petroleum, liquid fuels, natural gas, renewables, coal, nuclear