Booming and Busting: The Mixed Fortunes of US Oil and Gas–Producing Regions

Daniel Raimi, Sarah Doctor, Noah Kaufman and Zach Whitlock
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Daniel Raimi: Resources for the Future
Zach Whitlock: Resources for the Future

No 25-04, RFF Issue Briefs from Resources for the Future

Abstract: In the early years of the shale revolution, some prominent voices argued that the boom would be short-lived (Hughes 2013). As recently as 2018, some warned that the inevitable bust would even pose risks to the US financial system (McLean 2018). But today, more than 15 years after companies began producing substantial quantities of natural gas and oil from shale and other “tight” rocks, the revolution marches onward, with US oil and gas production at all-time highs. In 2023, the country produced about 13 million barrels of crude oil per day (mb/d) and more than 40 trillion cubic feet of natural gas (EIA 2024a, 2024b) and was the global leader in both categories.

Date: 2025-02-26
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