Top 5 States in the US with the Biggest Oil Reserves

Top 5 States in the US with the Biggest Oil Reserves

The United States is the world’s largest oil producing country, producing 14.7% of the world’s total crude oil production in 2022. The luxury of local production means that oil and gas are easily available and affordable for mass distribution. While it may not seem to have a direct impact on the average oil and gas consumer, the reality is that it has a huge impact. Each year, domestic oil and gas production saves American consumers an estimated $203 billion, or $2,500 for each family of four. Additionally, the oil and gas industry supports more than 12 million jobs in the United States, generates billions of dollars in tax revenue, and ensures energy security.

Look at the top 5 states in the US with the biggest oil reserves.

5. Oklahoma

Total proven oil reserves in 2021: 1.739 billion barrels

When Oklahoma became a state in 1907, it was the nation’s largest producer of crude oil. The Sooner State’s oil reserves are located in a vast reservation called the Midcontinent Region, which also includes Kansas, Texas, Arkansas, Louisiana, and New Mexico.

By far the biggest taxpayer in the state of Oklahoma is the oil and gas industry, which has contributed around $2.1 billion in funding for education alone over the past 10 years, or more than $200 million a year on average.

4. Alaska

Total proven oil reserves in 2021: 3,179 million barrels

The oil and gas industry supports approximately 70,000 jobs in Alaska. This number is likely to increase further as the industry is expected to grow by an additional USD 14 billion over the next five years. dollars to invest in various projects over the years.

But in September 2023, the White House canceled a controversial oil lease agreement for the Alaska Wildlife Refuge, signed at the end of the Trump administration as part of a broader effort to curb drilling in the Arctic. The plan’s cancellation comes as President Joe Biden’s administration seeks to burnish its environmental credentials amid criticism of its support for fossil fuel projects.

Alaska’s National Petroleum Reserve is her 23 million acre region on the state’s northern slope, set aside in 1923 as an emergency oil supply to the U.S. Navy. The Prudhoe Bay oil field in this region is one of the largest oil fields in the United States.

3. North Dakota

Total proven oil reserves in 2021: 4.361 billion barrels

North Dakota has approximately 10.6% of the total oil reserves in the United States, and the state’s oil and gas industry remains the driving force of the economy and accounts for much of it. Total business in 2021 was $42.6 billion, approximately 50,000 jobs, and $3.8 billion in state and local tax revenue.

The Bakken Formation of western North Dakota is one of the largest oil and natural gas reserves in the United States.

2. New Mexico

Total proven oil reserves in 2021: 4,909 million barrels

New Mexico’s annual oil production has more than doubled over the past five years, including 2022. The state accounts for more than 13% of total U.S. crude oil production, or 6 barrels. % of the country’s total natural gas withdrawal.

The Permian Basin, which spans parts of southeastern New Mexico and western Texas, is the most prolific shale oil producing region in the United States.

New Mexico is one of her three states with the largest oil reserves.

1. Texas

2021 Total Proved Oil Reserves: 18.62 billion barrels

The Lone Star State’s oil and gas industry paid $26.3 billion in state and local taxes in 2023, a record This was an increase of $1.5 billion from last year, due in part to the impact of Last year’s production.

Texas’ total proven reserves of crude oil and lease condensate increased by 12%, or 1.9 billion barrels, in 2021. The Eagle Ford Shale, located in South Texas, is one of the largest unconventional oil fields in the United States. ConocoPhillips, a Houston-based oil giant, has one of the largest oil reserves in America.

Texas is also the state with the most refineries, accounting for one-third of the nation’s total refining capacity. The state’s 32 refineries process a total of 5.9 million barrels per day.

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