USA Overview

USA: powering growth, reshaping supply

The USA ranks as the world’s largest producer of both crude oil and natural gas, with output driven by shale development that has reshaped global supply over the past decade. US crude production averaged a record 20.2 million bopd in 2024, with most growth coming from the Permian Basin, while dry natural gas production was more than 1 tcm (36.4 tcf), underpinning both domestic demand and rising exports.

The federal energy system is governed through a mix of national regulation, state-level jurisdiction and independent agencies, with the Department of Energy overseeing policy programmes and strategic initiatives, and market regulation spanning bodies such as the Federal Energy Regulatory Commission and state public utility commissions.

The country is also the world’s largest LNG exporter, shipping an average of 115.2 bcm (4.07 tcf) in 2024, reflecting the scale of its gas resource base and liquefaction buildout along the Gulf Coast. As upstream production has expanded, midstream capacity – pipelines, storage and export terminals – has become a critical enabler, while permitting, local opposition and infrastructure bottlenecks continue to influence project timelines across regions.

The US energy transition policy is centred on economy-wide emissions targets, including a federal commitment to reduce net greenhouse gas emissions 50-52% below 2005 levels by 2030 and to reach net zero by 2050. Deployment is being driven by a combination of tax incentives, grid investment and state renewables mandates, with the power sector increasingly shaped by rapid growth in wind, solar and storage alongside a large natural gas fleet and a stable nuclear base.