Try our corporate solution for free!
(212) 419-8286
hadley.ward@statista.com

Oil industry in the United States - statistics & facts

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. The United States has been extracting oil since the 1850's and in the years since increased oil production to over 16 million barrels per day. Up until the past decade, the majority of crude oil withdrawn in the U.S. was taken from carbonate and sandstone reservoirs. The liquid fossil fuel is found both in reservoir rocks and source rocks, with the latter having become more accessible and financially viable following technological advances. As of 2020, the U.S. holds the world’s ninth-largest oil reserves worldwide.

Permian basin is most productive oilfield

Texas is the leading oil producing state in the country. The Permian basin and Eagle Ford Shale Play are largely located in Texas and one of the most actively drilled targets for conventional and unconventional oil, such as shale and oil sands. However, due to the coronavirus pandemic, the number of operational oil rigs in the U.S. has been significantly reduced. Although the Permian basin is the most productive oil region, the Bakken Formation in North Dakota ranked first in terms of oil production per new well. In June 2021, an average of 2,413 barrels of oil were extracted from newly drilled wells in this shale play per day.

Economic impacts of the oil industry

As a result of the relatively high cost of unconventional oil production, the coronavirus pandemic threatened many U.S.-based oil and gas projects and the liquidity of companies within the industry. Behemoths such as ExxonMobil reported record losses for the year as they struggled to turn profits while the WTI price fell to an annual average of 39.16 U.S. dollars per barrel – lower than during the 2015 and 2016 oil glut. Breakeven prices for U.S. oil producers differ by oilfield. Generally, to profitably drill new wells, WTI prices need to stay upward of 46 U.S. dollars.

Key figures

The most important key figures provide you with a compact summary of the topic of "Oil industry in the U.S." and take you straight to the corresponding statistics.

Economic impact & companies

Reserves & production

Trade & prices

Interesting statistics

In the following 5 chapters, you will quickly find the 26 most important statistics relating to "Oil industry in the U.S.".

Oil industry in the U.S.

Dossier on the topic

All important statistics are prepared by our experts – available for direct download as PPT & PDF!
TOP SELLER

Oil industry in the United States - statistics & facts

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. The United States has been extracting oil since the 1850's and in the years since increased oil production to over 16 million barrels per day. Up until the past decade, the majority of crude oil withdrawn in the U.S. was taken from carbonate and sandstone reservoirs. The liquid fossil fuel is found both in reservoir rocks and source rocks, with the latter having become more accessible and financially viable following technological advances. As of 2020, the U.S. holds the world’s ninth-largest oil reserves worldwide.

Permian basin is most productive oilfield

Texas is the leading oil producing state in the country. The Permian basin and Eagle Ford Shale Play are largely located in Texas and one of the most actively drilled targets for conventional and unconventional oil, such as shale and oil sands. However, due to the coronavirus pandemic, the number of operational oil rigs in the U.S. has been significantly reduced. Although the Permian basin is the most productive oil region, the Bakken Formation in North Dakota ranked first in terms of oil production per new well. In June 2021, an average of 2,413 barrels of oil were extracted from newly drilled wells in this shale play per day.

Economic impacts of the oil industry

As a result of the relatively high cost of unconventional oil production, the coronavirus pandemic threatened many U.S.-based oil and gas projects and the liquidity of companies within the industry. Behemoths such as ExxonMobil reported record losses for the year as they struggled to turn profits while the WTI price fell to an annual average of 39.16 U.S. dollars per barrel – lower than during the 2015 and 2016 oil glut. Breakeven prices for U.S. oil producers differ by oilfield. Generally, to profitably drill new wells, WTI prices need to stay upward of 46 U.S. dollars.

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Hadley Ward
Hadley Ward
Sales Manager– Contact (United States)

Mon - Fri, 9am - 6pm (EST)

Contact Ziyan Zhang
Ziyan Zhang
Customer Relations– Contact (Asia)

Mon - Fri, 11:30am - 10pm (IST)

Contact Kisara Mizuno
Kisara Mizuno
Customer Success Manager– Contact (Asia)

Mon - Fri, 9:30am - 5:30pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)

Mon - Fri, 9:30am - 5pm (GMT)

Contact Catalina Rodriguez
Catalina Rodriguez
Key Account Manager - LAC– Contact (Latin America)

Mon - Fri, 9am - 6pm (EST)