Energy Slideshow of oil consumption in United States

Description of oil usage in the United States.
Million barrels per day. U.S. oil rig count. Number of active rigs.

1. NONCONFIDENTIAL // FRSONLY
Updated: April 26, 2024
ENERGY SLIDESHOW
Federal Reserve Bank of Dallas

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ENERGY PRICES
www.dallasfed.org/research/energyFederal Reserve Bank of Dallas

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Brent & WTI Crude OilWTI & Brent Crude Oil
NOTES: WTI is West Texas Intermediate. Dashed line represents the
futures curve on 4/25/2024.
SOURCES: CME; ICE; Energy Information Administration.
Federal Reserve Bank of Dallas
0
20
40
60
80
100
120
140
2011 2013 2015 2017 2019 2021 2023 2025
WTI (Apr 25 = $83.57)Brent (Apr 25 = $89.01)
Dollars per barrel

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Henry Hub Natural GasHenry Hub Natural Gas
NOTE: Dashed line represents the futures curve on 4/25/2024.
SOURCES: CME; Energy Information Administration.
Federal Reserve Bank of Dallas
0
1
2
3
4
5
6
7
8
9
10
2011 2013 2015 2017 2019 2021 2023 2025
Henry Hub (Apr 25 = $1.64)
Dollars per million
British thermal units

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Retail Gasoline & Diesel
NOTES: Prices are for 4/22/24. PADDs are “Petroleum Administration for
Defense Districts.” Prices include all taxes.
SOURCE: Energy Information Administration.
Retail price per gallon
PADDGasolineDiesel
1 $3.54 $4.05
1A $3.59 $4.33
1B $3.71$4.26
1C $3.42 $3.94
2 $3.46 $3.94
3 $3.23 $3.71
4 $3.46 $3.88
5 $4.83 $4.66
U.S. $3.67 $3.99
Regular Gasoline & Highway Diesel
Federal Reserve Bank of Dallas

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GLOBAL PETROLEUM
www.dallasfed.org/research/energyFederal Reserve Bank of Dallas

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World Oil Supply & Demand
NOTE: Dashed lines represent forecasts.
SOURCE: Energy Information Administration.
World Oil Supply & Demand
80
82
84
86
88
90
92
94
96
98
100
102
104
106
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2018 2019 2020 2021 2022 2023 2024
Q1
2024
102.6
101.8
Million barrels per day
World
production
World
consumption
Federal Reserve Bank of Dallas

8. NONCONFIDENTIAL // FRSONLY
World Oil Supply & Demand
NOTE: Shaded bars represent forecasts.
SOURCE: Energy Information Administration.
Implied Change in World Oil Stocks
Federal Reserve Bank of Dallas
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2018 2019 2020 2021 2022 2023 2024
Million barrels per day

9. NONCONFIDENTIAL // FRSONLY
OPEC Oil Production & Rig Count
NOTES: OPEC is the Organization of the Petroleum
Exporting Countries.
SOURCE: Energy Information Administration.
OPEC Crude Oil Production
Federal Reserve Bank of Dallas
21
22
23
24
25
26
27
28
29
30
31
32
33
201120122013201420152016201720182019202020212022202320242025
Million barrels per day
Jan
26.34

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OECD Commercial Inventories
NOTES: OECD is the Organization for Economic Cooperation
and Development.
SOURCE: Energy Information Administration.
OECD Commercial Oil Inventories
Federal Reserve Bank of Dallas
2,500
2,600
2,700
2,800
2,900
3,000
3,100
3,200
3,300
201120122013201420152016201720182019202020212022202320242025
Million barrels
2010-2014 average
Jan
2,762

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OECD Commercial Inventories
NOTE: OPEC is the Organization of the Petroleum Exporting Countries.
SOURCE: Energy Information Administration.
World Oil Production Outages
Federal Reserve Bank of Dallas
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Million barrels per day
OPEC
Non-OPEC
Feb
1.52
0.88

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NATIONAL OUTLOOK
www.dallasfed.org/research/energyFederal Reserve Bank of Dallas

13. NONCONFIDENTIAL // FRSONLY
U.S. Oil Production & Rig CountU.S. Oil & Gas Production
NOTE: Natural gas series is marketed production.
SOURCE: Energy Information Administration.
Federal Reserve Bank of Dallas
0
10
20
30
40
50
60
70
80
90
100
110
120
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
1921 1931 1941 1951 1961 1971 1981 1991 2001 2011 2021
U.S. crude oil production
Million barrels per day
U.S. natural gas production
Billion cubic feet per day

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U.S. Oil Production & Rig Count
NOTES: Dashed line shows the forecast as of 4/9/24. Rig count
series shows the last weekly count each month.
SOURCES: Baker Hughes; Energy Information Administration.
U.S. Oil Production & Rig Count
Federal Reserve Bank of Dallas
100
300
500
700
900
1,100
1,300
1,500
1,700
3
5
7
9
11
13
15
17
201320142015201620172018201920202021202220232024
U.S. crude oil production
Million barrels per day
U.S. oil rig count
Number of active rigs
Jan
12.53
Mar
506

15. NONCONFIDENTIAL // FRSONLY
Gasoline Demand
NOTE: Series are seasonally adjusted.
SOURCE: Bureau of Labor Statistics.
U.S. Oil & Gas Employment
Federal Reserve Bank of Dallas
100
140
180
220
260
300
340
2007 2009 2011 2013 2015 2017 2019 2021 2023
Number of jobs (thousands)
Support activities
for oil and gas operations
Oil and gas
extraction
Feb
231.4
Feb
119.5

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Crude Oil & Product Inventories
NOTES: Square marks use latest weekly data as of 3/29/24.
SOURCE: Energy Information Administration.
Commercial Crude Oil Inventories
Federal Reserve Bank of Dallas
300
350
400
450
500
550
600
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2017-2021 range 2017-2021 average 2024
Million barrels
Jan
428
Feb
447
Mar
451

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Gasoline Demand
NOTES: Square marks use latest weekly data as of 3/29/24.
SOURCE: Energy Information Administration.
Natural Gas Inventories
Federal Reserve Bank of Dallas
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2017 - 2021 range 2017-2021 average 2024
Trillion cubic feet
Jan
2.61Feb
2.37
Mar
2.26

18. NONCONFIDENTIAL // FRSONLY
Gasoline Demand
NOTES: Square marks use latest weekly data as of 3/29/24.
SOURCE: Energy Information Administration.
Gasoline Inventories
Federal Reserve Bank of Dallas
200
210
220
230
240
250
260
270
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2017 - 2021 range 2017-2021 average 2024
Million barrels
Jan
252
Mar
228
Feb
244

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Gasoline Demand
NOTES: Square marks use latest weekly data as of 3/29/24.
SOURCE: Energy Information Administration.
Distillate Inventories
100
110
120
130
140
150
160
170
180
190
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2017 - 2021 range 2017-2021 average 2024
Million barrels
Jan
128.7
Federal Reserve Bank of Dallas
Feb
121.1
Mar
116.1

20. NONCONFIDENTIAL // FRSONLY
Gasoline Demand
NOTES: Series is seasonally adjusted. Data are estimates based on
hourly traffic count data at approximately 5,000 locations nationwide.
SOURCE: Federal Highway Administration.
Vehicle Miles Traveled
Federal Reserve Bank of Dallas
150
170
190
210
230
250
270
290
201020112012201320142015201620172018201920202021202220232024
Billion miles traveled
Feb
276

21. NONCONFIDENTIAL // FRSONLY
Gasoline Demand
NOTES: Square marks are based on averages of weekly data.
Gasoline consumption is estimated using product supplied.
SOURCE: Energy Information Administration.
Gasoline Consumption
Federal Reserve Bank of Dallas
5.0
5.4
5.8
6.2
6.6
7.0
7.4
7.8
8.2
8.6
9.0
9.4
9.8
10.2
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2017-2021 range 2017-2021 average 2024
Million barrels per day
Mar
9.0Jan
8.2
Feb
8.4

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REGIONAL ACTIVITY
www.dallasfed.org/research/energyFederal Reserve Bank of Dallas

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Texas Oil Production & Rig Count
NOTE: Natural gas series is marketed production.
SOURCE: Energy Information Administration.
Texas Oil & Gas Production
Federal Reserve Bank of Dallas
10
15
20
25
30
35
40
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
1982 1986 1990 1994 1998 2002 2006 2010 2014 2018 2022
Texas crude oil production
Million barrels per day
Texas natural gas production
Billion cubic feet per day

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Texas Oil Production & Rig Count
NOTE: Rig count series shows the last weekly count each month.
SOURCES: Baker Hughes; Energy Information Administration.
Texas Oil Production & Rig Count
Federal Reserve Bank of Dallas
100
200
300
400
500
600
700
800
900
1000
1.5
2.5
3.5
4.5
5.5
6.5
7.5
8.5
9.5
201320142015201620172018201920202021202220232024
Texas crude oil production
Million barrels per day
Texas rig count
Number of active rigs
Jan
5.36
Mar
290

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Texas Mining Sector EmploymentTexas Oil & Gas Employment
SOURCES: Bureau of Labor Statistics; Federal Reserve Bank of Dallas.
Federal Reserve Bank of Dallas
50
70
90
110
130
150
170
190
210
2006 2008 2010 2012 2014 2016 2018 2020 2022 2024
Number of jobs (thousands)
Support activities
for mining
Oil and gas
extraction
Mar
137.67
62.67

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Texas Mining Sector EmploymentDrilled but Uncompleted Wells
SOURCE: Energy Information Administration.
Federal Reserve Bank of Dallas
0
1,000
2,000
3,000
4,000
5,000
6,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Number of wells
U.S. basins excluding Permian Basin
Permian Basin
Mar
3,636
886

27. NONCONFIDENTIAL // FRSONLY
Texas Mining Sector EmploymentWell Completions by Basin
SOURCE: Energy Information Administration.
Federal Reserve Bank of Dallas
0
100
200
300
400
500
600
700
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Number of wells
Permian
Niobrara
Eagle Ford
Appalachia
Bakken
Anadarko
Haynesville

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3-Month Total Rig Change by County
NOTES: Change in total rigs from 1/26/2024 to 3/29/2024.
SOURCE: Baker Hughes; Federal Reserve Bank of Dallas
Federal Reserve Bank of Dallas

29. NONCONFIDENTIAL // FRSONLY
12-Month Total Rig Change by County
NOTES: Change in total rigs from 3/31/2023 to 3/29/2024.
SOURCE: Baker Hughes; Federal Reserve Bank of Dallas
Federal Reserve Bank of Dallas

30. NONCONFIDENTIAL // FRSONLY
Crude Oil Production by State
NOTES: Units are in thousand barrels per day. Data shown
are monthly, for Jan. 2024.
SOURCE: Baker Hughes; Federal Reserve Bank of Dallas.
Federal Reserve Bank of Dallas
Gulf of Mexico:
1,752

31. NONCONFIDENTIAL // FRSONLY
Natural Gas Production by State
NOTES: Units are in billion cubic feet per day. Data shown
are monthly, for Jan. 2024.
SOURCE: Baker Hughes; Federal Reserve Bank of Dallas.
Federal Reserve Bank of Dallas
Gulf of Mexico:
1.9

32. NONCONFIDENTIAL // FRSONLY
Crude Oil Production by Region
NOTE: “Other areas” include Haynesville and Marcellus.
SOURCE: Energy Information Administration.
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
201020112012201320142015201620172018201920202021202220232024
Million barrels per day
Permian
Bakken
Eagle Ford
Niobrara
Anadarko
Other areas
Federal Reserve Bank of Dallas

33. NONCONFIDENTIAL // FRSONLY
0
5
10
15
20
25
30
35
40
201020112012201320142015201620172018201920202021202220232024
Billion cubic feet per day
Appalachia
Permian
Haynesville
Other areas
Eagle Ford
Anadarko
Natural Gas Production by Region
NOTE: “Other areas” include Niobrara and Bakken.
SOURCE: Energy Information Administration.
Federal Reserve Bank of Dallas

34. NONCONFIDENTIAL // FRSONLY
Permian Basin Crude Oil Decline Curve
NOTES: Depicts average crude oil production per well and is based off first
production date. Last updated 2/6/24; chart is updated semi-annually.
SOURCE: WellDatabase.
Federal Reserve Bank of Dallas
0
100
200
300
400
500
600
700
800
900
1000
123456789101112131415161718192021222324252627282930313233343536
2019 2020 2021 2022
Barrels per day

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Shut-in Prices for Existing Wells
NOTES: Line shows the average, and bars show the range of
responses. 91 E&P firms answered this question from March 13-21,
2024.
SOURCE: Federal Reserve Bank of Dallas.
Dallas Fed Energy Survey—In the top two areas in which your firm is active: What
WTI oil price does your firm need to profitably drill a new well?
Federal Reserve Bank of Dallas

36. NONCONFIDENTIAL // FRSONLY
Breakeven Prices for New Wells
Dallas Fed Energy Survey—In the top two areas in which your firm is active: What
WTI oil price does your firm need to cover operating expenses for existing wells?
Federal Reserve Bank of Dallas
NOTES: Line shows the average, and bars show the range of responses.
87 E&P firms answered this question from March 13-21, 2024.
SOURCE: Federal Reserve Bank of Dallas.

37. NONCONFIDENTIAL // FRSONLY
Additional Resources
•Energy Indicators
–A monthly web publication of key economic indicators that offers a snapshot of the energy sector
•Dallas Fed Energy Survey
–A quarterly assessment of energy activity of about 200 oil and gas firms located in the Eleventh District
•Energy in the 11
th
District
–Detailed info on four major regions: the Barnett Shale, Eagle Ford Shale, Haynesville Shale and Permian Basin
•Other energy articles and research
Click here to contact us for general information or other inquiries.Federal Reserve Bank of Dallas