10 Most Oil Rich States in the United States for 2014

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The United States of America is poised to become the world’s leading oil producer by the end of 2015.

Here is the top 10 most oil-rich states in the US as of 2014, ranked according to their proven oil reserves.

10) Louisiana – 463 million barrels

Louisiana’s 19 oil refineries are capable of processing around 3.3 million barrels of oil per day. A gallon of gas is priced at $3.43 (as on mid-July). The state has proven oil reserves of 463 million barrels.

9) Utah – 613 million barrels

Utah produced 35 million barrels of oil in 2013. It has around 613 million barrels of proven oil reserves. Oil production in the state is more likely to increase in the coming years as oil companies explore ways to tap into oil resources contained in the Green River Formation.

8) Colorado – 618 million barrels

Colorado has around 618 million barrels of proven oil reserves. In fact the state’s proven oil reserves increased by 46 percent between 2011 and 2012. Oil production also rose by more than 30 percent between 2012 and 2013, driven mainly by increasing activity in the Niobrara Formation.

7) Wyoming – 706 million barrels

Driven by increase in crude oil reserves, Wyoming increased its crude oil production by more than 9 percent to roughly 63 million barrels in 2013. The state has around 706 million barrels of proven oil reserves. Wyoming’s booming energy sector is helping its economy.

6) Oklahoma – 934 million barrels

Oklahoma has approximately 934 million barrels of proven oil reserves. Around 500 million barrels of reserves were found at existing site in 2011 and 2012. Crude oil production increased by 25 percent between 2012 and 2013.

5) New Mexico – 965 million barrels

Despite wells running dry in the early 2000s in the Permian Basin, which occupies 300 miles in New Mexico, fracking and other extraction methods allowed access to previously inaccessible oil reserves in 2012. The state has around 965 million barrels of proven oil reserves.

4) California – 3 billion barrels

California has around 3 billion barrels of proven oil reserves. The state produced nearly 200 million barrels in 2013. Despite high oil production, the state’s per capita energy consumption ranked third lowest in the nation in the year 2012.

3) Alaska – 3.3 billion barrels

Alaska has approximately 3.3 billion barrels of proven oil reserves. Oil production in the state has slowed down over the past two decades. Proven reserves declined by 13 percent between 2011 and 2012. One main reason for decline in oil production is newly available oil reserves in the continental United States, which are easier for oil companies to transport to the market.

2) North Dakota – 3.8 billion barrels

North Dakota has around 3.8 billion barrels of proven oil reserves. The state has become the poster child of the energy boom in the country as technological advances made extracting oil from the Bakken Shale profitable.

1) Texas – 9.6 billion barrels

Texas has approximately 9.6 billion barrels of proven oil reserves. The state accounts for nearly a third of both crude oil and natural gas in the country. Texas discovered 55 million barrels of reserves from new oil fields and more than 3.6 billion barrels from existing drilling sites.

These states have made significant contributions to the oil industry in the US.

 

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