"Since the start of the 21st century, the U.S. energy system has seen tremendous changes. Technological advances in energy production have driven changes in energy consumption, and the United States has moved from being a growing net importer of most forms of energy to a declining importer--and possibly a net exporter in the near future. The United States remains the second largest producer and consumer of energy in the world, behind China. The U.S. oil and natural gas industry has gone through a 'renaissance' of production. Technological improvements in hydraulic fracturing and horizontal drilling have unlocked enormous oil and natural gas resources from unconventional formations, such as shale. Oil has surpassed levels of production not seen since the 1970s. Natural gas has set new production records almost every year since 2000. In conjunction with the rise in oil and natural gas production, U.S. production of natural gas liquids has also increased. The rise in production of these fuel sources has also corresponded with increased consumption and exports of each."
CRS Report for Congress, R44854
Congressional Research Service: https://crsreports.congress.gov/