These 10 counties drove over 90% of US oil growth since 2020 Image By EPN Staff Key Points Ten counties in the Permian Basin (eight in Texas, two in New Mexico) accounted for over 90% of U.S. oil production growth since 2020. Lea and Eddy counties in New Mexico alone generated 52% of that growth, almost 1 million barrels per day. Despite national efforts to diversify energy, the Permian Basin remains the epicenter of U.S. oil production, keeping the U.S. the world’s largest oil and gas producer. Ten counties accounted for more than 90% of U.S. oil production growth since 2020, and just two counties in New Mexico were responsible for more than half of it, according to the Energy Information Administration. Most of the rest came from eight counties in Texas, and all 10 of these counties are located in the Permian Basin. Why it matters From 2020 to 2024, total U.S. crude oil and lease condensate production grew by 1.9 million barrels a day, according to the EIA. Nearly 1 million barrels a day of the new oil came from Lea and Eddy counties in New Mexico – representing 52% of the growth. Production in the rest of the U.S., including offshore wells, grew by just 130,000 barrels a day, the EIA said. The growth helped keep the U.S. the world’s largest oil and gas producing country, a mark the U.S. first hit in 2018 for oil and in 2011 for natural gas. Technological advances drove growth over the last few years, the EIA reports, producing longer horizontal laterals and other drilling improvements. More context The growth continues New Mexico’s energy boom: After more than doubling annual oil production from 2013 to 2018, it is the country's second largest oil producing state, after Texas and ahead of North Dakota. New Mexico is also a major energy exporter and produces about 11 times more energy than it consumes, according to the EIA. Texas, of course, is the runaway No. 1 producer, and the oil and gas industry generates more than $27 billion a year in state and local taxes and royalties alone. Additional details Texas has also seen massive solar farm growth in recent years, and it’s working on a major push for nuclear power at multiple locations, including a new test campus at Texas A&M University. SUGGESTED STORIES Oil market volatility continues amid tariffs Oil markets face heightened volatility driven by trade tensions, shifting supply strategies and potentially dwindling global economic growth. Tariff announcements and OPEC+ production shifts have led multiple analysts, including the U.S. Energy Information Administration, to lower d Read more Pipelines are the safest way to transport oil This is a lightly edited excerpt of testimony recently provided to the U.S. House of Representatives’ Energy and Commerce Energy Subcommittee during the hearing “Strengthening American Energy: A Review of Pipeline Safety Policy.” Pipelines deliv Read more Carbon credit prices dip slightly after more than tripling since 2020 The price of carbon credits for power producers along the Eastern Seaboard dipped slightly in December after hitting a record high in September’s Regional Greenhouse Gas Initiative (RGGI) auction. The cost per carbon credit was $20.05 on RGGI’s December 4 auction, more than 3.5 time Read more
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