Proved oil reserves in the U.S. 1960-2020
New methods, more oil
When the global recession hit in 2008, oil prices skyrocketed and the U.S. sought to produce more fuel domestically. Investors took advantage of reduced interest in the wake of the financial crisis to develop new methods to reach previously inaccessible shale gas and oil resources from deep underground. With these permeable rock formations now considered a feasible hydrocarbon source, U.S. proven oil reserves drastically increased.As extraction methods such as hydraulic fracturing took off, U.S. oil production surged. Large formations of shale and tight sandstone made Texas and North Dakota the leading producers of crude oil. Already the biggest consumer of oil worldwide, the United States now produces more oil than any other country, exceeding its own high domestic demand.