Proved oil reserves in the U.S. 1980-2020

In recent years proven oil reserves in the United States have reached an all-time high of roughly 69 billion barrels, more than double the reserves reported around the time of the 2008 financial crisis. Since then, more crude oil has become technologically and economically viable to extract.

New methods, more oil

When the Recession hit in 2008, global oil prices peaked and energy industries in the United States sought to produce more fuel domestically. Investors took advantage of reduced interest in the wake of the financial crisis to develop methods to reach shale gas and oil resources from deep underground. With these permeable rock formations now considered a feasible source of oil, the United States’ proven oil reserves has drastically increased.

Shale oil takes off

As extraction methods such as hydraulic fracturing took off in the United States, domestic production of crude oil surged. Large formations of shale and tight sandstone made Texas and North Dakota 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.