US oil and gas industry has $240bn in annual revenues. This is about comparable to how much Americans spend at Apple (almost $200bn)
US oil and gas industry has $240bn in annual revenues. This is about comparable to how much Americans spend at Apple (almost $200bn)
ExxonMobil alone made $300 billion in revenue in 2023.
Even if you look at oil majors that only operate in the US - Marathon had $170 billion in revenue in 2023.
The US produces 13M barrels of crude and condensate per day: https://www.eia.gov/todayinenergy/detail.php?id=61545
The lowest recent spot price is $69.5: https://www.eia.gov/dnav/pet/PET_PRI_SPT_S1_D.htm
This tells you that annual production of just crude oil is > $300B/yr. The US also has plenty of downstream processing after production (https://www.eia.gov/dnav/pet/pet_pnp_unc_dcu_nus_m.htm), which means that total annual revenue must be significantly greater than this.