Forecast: Output of Oil and Gas Extraction in the US

The US oil and gas extraction value stood at $461.28 billion in 2023, representing a significant increase of 10.41% from the previous year. The last five years have seen a compound annual growth rate (CAGR) of 3.02%, underscoring moderate but consistent recovery since the downturn in 2015-2016. Over the past two years (2022 to 2023), there has been a fluctuation with a 6.03% decrease in 2022, followed by the aforementioned growth in 2023, indicating volatility in the market.

Forecasts predict a steady increase in the value of oil and gas extraction through 2028, with a projected CAGR of 2.3%. The forecasted growth rate for the next five years is 12.03%, suggesting continued expansion but at a moderated pace.

Future trends to watch for include:

- Technological advancements in extraction techniques reducing costs and increasing efficiency.- Shifts in global oil demand and geopolitical influences impacting US output.- Regulatory changes and environmental policies affecting the industry.- Investment in renewable energy sources potentially altering the market dynamics.