3 ms·
> You might be surprised to learn that manufacturing is larger industry in the US than our tech industry, or that our domestic oil industry is even larger US o
by acchow 2y ago
> You might be surprised to learn that manufacturing is larger industry in the US than our tech industry, or that our domestic oil industry is even larger
US oil and gas industry has $240bn in annual revenues. This is about comparable to how much Americans spend at Apple (almost $200bn)
- ajax33 2y agoThe number you quoted for oil and gas revenue is quite low. 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.
- greggyb 2y agoI don’t think that you’re correct about US O&G revenue. The US produces 13M barrels of crude and condensate per day: https://www.eia.gov/todayinenergy/detail.php?id=61545 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 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 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.