Fueled by the continued shale revolution and surging global energy demand, U.S. oil and gas production in 2018 posted the largest annual increase ever recorded by a country. That’s according to energy giant BP’s recently published annual statistical review, which also says global energy demand rose 2.9% last year, the quickest acceleration since 2010.
Natural gas accounted for nearly half of the worldwide spike in energy demand, while oil expanded by just 1.5% (renewable energy was up 14.5%, while coal increased 1.5%).
Naturally, Louisiana has benefitted from the rise in demand, with natural gas production in the state reaching its highest point last year since the height of the fracking boom in 2012, according to the Department of Natural Resources. Oil production here, meanwhile, continued to slide last year, though the decline was much lower than has been seen in recent years.