Oil industry in the United States - statistics & facts
The United States is the largest oil producer in the world. Crude oil has been extracted there since the 1850s and in the years since U.S. oil production has grown to over 19 million barrels per day. Crude oil is the main ingredient for a great variety of industrial products such as transportation fuels, plastics, solvents, and a source of electricity and heat generation.
Looking ahead, the introduction of AI could lead to changes in how companies within the industry operate. A survey from mid-2024 suggests that producers are open to the idea of using AI for analytics and process automation primarily.
Where oil reserves are found in the U.S.
The majority of crude oil withdrawn in the U.S. is taken from shale, carbonate, and sandstone reservoirs. The extraction of crude oil from shale deposits became more financially viable following technological advances in the early 2010s. The U.S. holds the ninth-largest oil reserves worldwide.The Permian basin is the most productive oilfield
Texas is by far the leading oil-producing state in the country. The Permian basin and Eagle Ford shale play are largely located in Texas and among the most actively drilled targets for conventional and unconventional oil. At year end 2023 there were some 500 operational oil rigs in the U.S., a number noticeably lower compared to pre-pandemic levels. Although the Permian basin is the most productive oil region, the neighboring Eagle Ford play and North Dakota’s Bakken Formation ranked first in terms of oil production per new well.Economic impacts of the U.S. oil industry
The oil industry has become an enormous boon for the country. As the export ban lifted at the end of 2015, the U.S. has been able to make immense profits from trading in crude oil, cashing in around 100 billion U.S. dollars every year. This translates to a value added of around 250 billion U.S. dollars for the whole oil and gas extraction industry.Looking ahead, the introduction of AI could lead to changes in how companies within the industry operate. A survey from mid-2024 suggests that producers are open to the idea of using AI for analytics and process automation primarily.
