Proved oil reserves in the U.S. 1960-2023

Proved oil reserves in the United States rose to 47.73 billion barrels in 2023. This was the peak in the period of consideration, and an increase of more than two billion barrels compared to the previous year. U.S. proved reserves more than doubled since 2010. 

New methods, more oil

When the global recession hit in 2008, oil prices skyrocketed and the U.S. sought to produce more fuel domestically. Investors took advantage of reduced interest in the wake of the financial crisis to develop new methods to reach previously inaccessible shale gas and oil resources from deep underground. With these permeable rock formations now considered a feasible hydrocarbon source, U.S. proven oil reserves drastically increased.

As extraction methods such as hydraulic fracturing took off, U.S. oil production surged. Large formations of shale and tight sandstone made Texas and New Mexico the leading producers of crude oil. Already the biggest consumer of oil worldwide, the United States now produces more oil than any other country, exceeding its own high domestic demand.