IMARC Group has recently released a new research study titled “U.S. Oil and Gas Market Size, Share, Trends and Forecast by Type, Application, and Region 2025-2033,” which offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
United States Oil and Gas Market Overview
The U.S. oil and gas market size was valued at USD 252.6 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 339.5 Billion by 2033, exhibiting a CAGR of 3.26% from 2025-2033.
Market Size and Growth
Base Year: 2024
Forecast Years: 2025-2033
Historical Years: 2019-2024
Market Size in 2024: 252.6 Billion
Market Forecast in 2033: 339.5 Billion
Market Growth Rate 2025-2033: 3.26%
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Key Market Highlights:
✔️ Stable market presence supported by shale production and advanced extraction technologies
✔️ Growing investments in carbon capture and emission reduction initiatives
✔️ Rising export capacity of LNG positioning the U.S. as a global energy leader
United States Oil and Gas Market Trends
The United States oil and gas market is going through a period of significant change, balancing the push for cleaner energy with the world’s continued reliance on hydrocarbons. In early 2025, U.S. oil production hit a record high of 13.8 million barrels per day, reflecting strong market resilience. At the same time, nearly one-fifth of upstream investments are now focused on carbon capture and emissions reduction. Projects like ExxonMobil’s direct air capture installations in the Permian Basin, capable of removing over 4 million metric tons of CO₂ annually, signal a broader shift toward decarbonization that is shaping the future of the United States oil and gas market outlook.
Federal policies, such as the 2024 Clean Industrial Act, are pushing producers to lower emissions—especially those operating on federal lands. Export activity is also booming, particularly in LNG. Gulf Coast terminals saw a 28% increase in outbound shipments as European nations turned to long-term U.S. contracts amid ongoing geopolitical instability. This growth has strengthened the United States oil and gas market share on the global stage.
Refining operations are adapting as well. Facilities like Valero’s Corpus Christi refinery are incorporating blue hydrogen into processing, helping maintain high utilization rates and steady margins. However, challenges remain. Well decline rates in the Permian have worsened, partly due to lower investment in traditional drilling, highlighting the ongoing tension between growth and sustainability in the United States oil and gas market forecast.
Global trade routes are also shifting. Drought-related constraints at the Panama Canal in 2024 forced many U.S. exports to reroute via the Suez Canal. Meanwhile, falling Chinese demand and strategic reserve releases have led U.S. producers to strengthen ties with Indian refiners and regional partners like Pemex. A $7.2 billion condensate deal with Chevron will help Pemex support aging production at Cantarell.
Security concerns are raising costs, particularly in the Caribbean, where rising insurance premiums for tanker shipments are accelerating infrastructure investments. Projects like Energy Transfer’s Houston–Cayo Arcas pipeline are designed to ease some of this pressure.
Technology is playing a bigger role than ever. AI and advanced analytics are helping producers lower costs and optimize well performance. Halliburton’s AI-driven drilling systems and real-time monitoring tools have cut drilling costs by up to 22%. On the downstream side, Marathon Petroleum’s distillation systems in Louisiana are improving product purity and reducing energy use. Even emissions monitoring has improved, with satellites now detecting methane leaks more accurately, helping companies meet tougher EPA standards.
The labor force is evolving too. While automation has reduced the number of field technicians, demand for tech specialists—especially in Houston—is on the rise. Cybersecurity is another growing concern. As attacks increase, oil and gas firms are investing heavily in blockchain-secured infrastructure to protect their SCADA systems.
Despite the energy transition, the United States oil and gas market outlook remains positive. Shale innovation continues to deliver—EOG Resources has extended well lifespans while cutting water use by using nanoparticle surfactants. Midstream infrastructure is adapting, with companies like Kinder Morgan investing in hydrogen-ready pipelines to support future energy models.
There are regional differences, though. Delays in export permits have slowed activity in Appalachia, while investment continues to grow in the Permian and Eagle Ford. Meanwhile, the petrochemicals sector is emerging as a surprising driver of growth. Dow Chemical’s new ethane cracker in Texas will produce feedstocks used in both traditional plastics and renewable technologies, such as wind turbines—blurring the line between fossil fuels and green energy.
Regulation is tightening across the board. The SEC is preparing to mandate Scope 3 emissions disclosures, adding pressure on oil and gas companies to account for emissions throughout their supply chains. States like New Mexico are taking their own steps—flaring will be banned entirely by 2025, which may squeeze out smaller players who can’t afford to modernize.
Looking ahead, the United States oil and gas market forecast through 2030 points to steady growth—about 4.1% annually. Despite the headwinds, the combination of global demand, new technology, and a shifting regulatory landscape is positioning the industry for a new phase. The U.S. remains a global energy leader—driving innovation in both hydrocarbons and low-carbon solutions. In short, the United States oil and gas market is entering a new era—one defined by resilience, adaptation, and a careful balance between tradition and transformation.
United States Oil and Gas Market Segmentation:
The market report segments the market based on product type, distribution channel, and region:
Analysis by Type:
- Upstream
- Midstream
- Downstream
Analysis by Application:
- Offshore
- Onshore
Regional Analysis:
- Northeast
- Midwest
- South
- West
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Competitive Landscape:
The market research report offers an in-depth analysis of the competitive landscape, covering market structure, key player positioning, top winning strategies, a competitive dashboard, and a company evaluation quadrant. Additionally, detailed profiles of all major companies are included.
Key Highlights of the Report
1. Market Performance (2019-2024)
2. Market Outlook (2025-2033)
3. COVID-19 Impact on the Market
4. Porter’s Five Forces Analysis
5. Strategic Recommendations
6. Historical, Current and Future Market Trends
7. Market Drivers and Success Factors
8. SWOT Analysis
9. Structure of the Market
10. Value Chain Analysis
11. Comprehensive Mapping of the Competitive Landscape
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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