Based on historical data, oil consumption in the US has seen moderate volatility, peaking at 19.42 million barrels per day in 2019 before dipping sharply in 2020 due to global disruptions. Consumption rebounded in 2021 with a significant 9.32% year-on-year increase, stabilizing around 19.18 million barrels per day in 2023. From 2024 onwards, the forecast indicates a steady but modest increase, reaching 19.36 million barrels per day by 2028. The five-year CAGR from 2023 to 2028 stands at 0.15%, showing constrained growth.
Future trends to watch for:
- Impact of renewable energy adoption on oil consumption
- Geopolitical factors affecting supply and prices
- Technological advancements in fuel efficiency
- Government policies aimed at reducing carbon emissions
