United States Oil and Gas Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The US oil and gas market is expected to record a CAGR of more than 3% during the forecast period (2022-2027). The COVID-19 outbreak severely disrupted the market, leading to a decline in the demand for petroleum and petroleum products and crude oil prices, making upstream activities uneconomical. Due to the demand decline for petroleum products, the downstream sector also suffered. However, the market is recovering as of January 2022, as the price of crude oil is more than USD 80/barrel. In terms of market growth, factors such as reduction in the cost of drilling, new drilling and production technologies, and increasing oil prices are likely to drive the market. However, the high volatility of crude oil, coupled with the significant capital and operating expenses required to operate, may restrain the market.
Key HighlightsThe US oil and gas market is moderately fragmented. Some of the major players in the market are Shell PLC, BP PLC, ExxonMobil Corporation, Chevron Corporation, and TotalEnergies SE.
Additional Benefits:Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook