According to the Oil and Gas Journal, the United States had 21.9 billion barrels of proved oil reserves as of January 1, 2005, eleventh highest in the world. These reserves are concentrated overwhelmingly (over 80%) in four states. As of December 31, 2003, Texas had 22% of total US oil reserves, Louisiana had 22%, Alaska 20%, and California 18% (note: all of these figures include onshore plus Federal and state offshore reserves). U.S. proven oil reserves have declined some 17% since 1990, with the largest single-year decline (1.6 billion barrels) occurring in 1991.
U.S. crude oil production, which declined following the oil price collapse of late 1985/early 1986, leveled off in the mid-1990s, and began falling again following the sharp decline in oil prices of late 1997/early 1998. During 2003, the United States produced around 7.8 million barrels per day (bbl/d) of oil, of which 5.7 million bbl/d was crude oil, and the rest natural gas liquids and other liquids. U.S. total oil production in 2003 declined sharply (around 2.8 million bbl/d, or 26%) from the 10.6 million bbl/d averaged in 1985. U.S. crude production, which averaged 5.4 million bbl/d during the first ten months of 2004, is now at 50-year lows.


Text by: Country Analysis Briefs