US energy profits skyrockets as the country leads oil and gas production

Andrea Zanon Confidente
3 min readMar 1, 2024
https://andreazanon.tech/us-energy-profits-skyrockets-as-the-country-leads-oil-and-gas-production/

Despite the Biden administration’s ambitious climate goals, the oil and gas industry in the United States has seen unprecedented growth and profitability. The top 10 listed oil and gas producers in the US have reported a combined net income of $313 billion in the first three years of President Biden’s term (Financial Times), this is three times the $112 billion generated during the same period under President Trump.

This surge in profitability can be attributed to several factors, including record-high production levels as well as significant cost reduction particularly in the oil rich Gulf of Mexico. In December 2023, US oil production reached 13.5 million barrels per day, surpassing all previous records. According to the US Energy Administration, by 2024 the US will reach the daily production of 14 million barrels per day. Additionally, natural gas production exceeded 105 billion cubic feet per day for the first time. These achievements have solidified the US as a global energy leader, with the country now ranking as the second-largest exporter of crude oil and the largest exporter of liquefied natural gas (LNG), overtaking Qatar.

In terms of production, while it is peaking in many countries, the US is expected to account for over half of worldwide expansion in the next five years, according to the International Energy Agency (IEA). Being outside the OPEC Cartel, the US has the freedom to expand its production without being bound by quotas or other limitations. Additionally, the US is a stable democracy where energy markets and investments are predictable and not affected by civil unrest, unlike in countries such as Iran, Venezuela, Iraq, Libya, and even Saudi Arabia, which has suffered drone attacks undermining its oil operations.

Biden is succeeding

The success of the US oil and gas industry under President Biden’s administration has refuted criticisms from Republicans, who have accused the president of undermining US energy leadership with his climate-friendly and ESG regulations. These criticisms, however, have been proven false by the US oil and gas companies’ extraordinary performance, market share and profitability.

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Andrea Zanon Confidente

Performance advisor with over 20 years experience across entrepreneurship, sustainability and partnership. Now focusing helping people investing in themselves