5 States with the Largest Oil Reserves in the US

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1. Texas

Total Proved Oil Reserves in 2021: 18.62 billion barrels

The Lone Star State’s oil and gas industry paid $26.3 billion in state and local taxes in 2023, $1.5 billion more than the previous year, due in part to record production last year.

The total proved reserves of crude oil and lease condensate in Texas increased by 12%, or 1.9 billion barrels, in 2021. Situated in South Texas, the Eagle Ford Shale is one of the largest unconventional oil fields in the United States. Headquartered in Houston, the oil giant ConocoPhillips is among the companies that own the most oil reserves in America.

Texas is also the state with the most oil refineries and accounts for one-third of the country’s total refining capacity. The state’s 32 oil refineries process a combined total of 5.9 million barrels a day.

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