UTAH (ABC4) – Despite recent predictions that oil production was headed for a decline, advances in geological understanding and technology like horizontal drilling and fracking have expanded production in recent years.
These new techniques were adopted in the early to mid-2000s, and since then, the oil business in the U.S. has transformed. For the time ever in 2020, the U.S. became a net exporter of oil for the first time. With oil production spiking over the past decade, a new report from Construction Coverage analyzed crude oil-proved reserves in each state.
Using data from the U.S. Energy Information Administration researchers found that out of all U.S. states with at least one million barrels, Utah has the 12th most crude oil proved reserves. Utah has 275 million barrels of crude oil proved reserves, with five operating refineries.
What state had the most crude oil-proved reserves?
When they said “Everything is bigger in Texas,” they were definitely referring to the state’s crude oil proved reserves.
Texas ranked No. 1 with 18,622 million barrels of crude oil proved reserves. Texas also saw a 51.7% increase over five years in proved reserves.
The report only included states with at least one million barrels of crude oil proved reserves.