Forecast: Oil and Gas Extraction Industry Gross Output in the US

The US Oil and Gas Extraction Industry has seen significant variations over the past decade. After peaking at $476.04 billion in 2014, it experienced a sharp decline in 2015 and 2016, dropping to $230.2 billion in 2016. The industry saw recovery from 2017, reaching $411.72 billion in 2018. Although there was a slight dip in 2019, it stabilized around $400 billion till 2022, with a minor recovery observed in 2023 at $418.18 billion. The year-on-year variation showed fluctuations with significant growth periods followed by corrections.

The compound annual growth rate (CAGR) over the last five years (2019-2023) is a modest 1.4%, indicating a steady, albeit slow, recovery from previous lows. Looking ahead, the forecast up to 2028 suggests a continued but slight increase in the industry's gross output, estimated at a CAGR of 1.4%, signifying stable growth towards $455.43 billion.

Future trends to watch for include:

• Technological advancements in extraction processes.
• Regulatory changes affecting the oil and gas sector.
• Global market influences, including OPEC decisions and geopolitical events.
• Shifts in energy policies and the move towards sustainable, renewable energy sources.