How much untapped oil does the US have?

The U.S. has tens of billions of barrels of untapped oil, with recent USGS reports estimating 29.4 billion barrels of undiscovered, technically recoverable oil under federal lands, led by Alaska and New Mexico. Broader industry estimates suggest even higher amounts, with the U.S. holding significant recoverable oil, including vast shale reserves in Texas and North Dakota, potentially totaling hundreds of billions of barrels when considering both federal and private lands and various geological formations.

Which country has the most untapped oil?

The countries with the most untapped or recoverable oil reserves, combining traditional and unconventional sources (like shale), often include the United States, Russia, Saudi Arabia, Canada, Iran, and Venezuela, though rankings shift depending on the methodology (proven reserves vs. total recoverable) and whether unconventional oil is heavily weighted. The U.S. often tops recoverable estimates due to shale, while Venezuela holds the largest proven reserves, but much is heavy/difficult to extract, and Iraq is considered potentially vast but under-explored.
 

How much oil is in Alaska untapped?

Alaska holds substantial untapped oil, with recent USGS estimates pointing to nearly 14.5 billion barrels of undiscovered oil under federal lands, primarily on the North Slope, alongside potentially billions more offshore. While precise figures vary by assessment (e.g., federal lands vs. Outer Continental Shelf), these estimates, alongside new projects like Pikka, suggest significant future potential to boost U.S. oil supply, despite overall production decline trends. 

Why can't the US use its own oil?

The U.S. can't use all its own oil because its massive refining system was built for heavy, sour crude (thick, high-sulfur oil), but the fracking boom primarily produces light, sweet crude (thin, low-sulfur oil), creating a mismatch. The U.S. often exports its abundant light oil and imports the heavy oil its refineries are designed to process, as this is more economically efficient and profitable for the industry, despite producing enough overall oil. 

Who owned 90% of the oil industry?

In 1882, Standard Oil Trust created a network of Standard Oil companies throughout the country, led by a board of trustees, where Rockefeller owned over one third of the certificates. By the late 1880s, Standard Oil controlled 90% of American refineries.

Where US gets its oil from and how strategic petroleum reserve is used | JUST THE FAQS

Which US state has the most untapped oil?

Oil reserves in the U.S. 2023, by state

Texas houses far more proved crude oil reserves than any other U.S. state. As of 2023, there were over 20.1 billion barrels of crude oil reserves in Texas, the largest sources being the Eagle Ford and Permian basin.

Why don't we drill for oil in Alaska?

Conservationists said that oil development would unnecessarily threaten the existence of the Porcupine caribou by cutting off the herd from calving areas. They also expressed concerns that oil operations would erode the fragile ecological systems that support wildlife on the tundra of the Arctic plain.

Do Alaska residents still get oil money?

Yes, Alaska residents still receive annual payments, known as the Permanent Fund Dividend (PFD), from the state's oil revenues through the Alaska Permanent Fund, sharing the wealth from natural resources, though the amount varies yearly and has seen political debate over its size. 

Does the US have enough oil to sustain itself?

Oil Reserves in the United States

the United States has proven reserves equivalent to 4.9 times its annual consumption levels. This means that, without imports, there would be about 5 years of oil left (at current consumption levels and excluding unproven reserves).

Does Australia have oil reserves?

Yes, Australia has oil reserves, but they are limited and largely offshore, concentrated in basins near Western Australia, with significant amounts of condensate and LPG also present, though domestic crude oil production is declining rapidly and the nation relies heavily on imports. Major reserves are found in the Northern Carnarvon, Browse, Bonaparte, and Gippsland basins, but overall resources are dwindling faster than replenishment, leading to high import dependency, notes Geoscience Australia.
 

Do we have 100 years of oil left?

World Oil Reserves

The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves).

Who has more oil, Texas or Alaska?

No, Texas has significantly more oil than Alaska, both in current production and proven reserves; Texas is the #1 U.S. producer, while Alaska ranks much lower (around 6th), though it holds substantial reserves and is a significant producer, especially from its North Slope fields like Prudhoe Bay. Texas's Permian Basin alone produces vastly more oil than Alaska. 

What country pulls the most oil out of the ground?

Estimated at 303 billion barrels (Bbbl) as of 2023, Venezuela is home to the largest known reserves of oil. Saudi Arabia ranks second with 267.2 Bbbl, followed by Iran at 208.6 Bbbl and Canada at 163.6 Bbbl.

What country owns 18% of the world's oil?

Venezuela 🇻🇪 has the largest proven oil reserves in the world, ranking first ahead of countries like Saudi Arabia 🇸🇦 and Iran 🇮🇷 . Its reserves are estimated to be around 303 to 304 billion barrels, representing about 18% of the global total.

How much do oil rig workers make in Alaska?

As of Jan 2, 2026, the average annual pay for an Oil Rig in Alaska is $50,825 a year. Just in case you need a simple salary calculator, that works out to be approximately $24.44 an hour. This is the equivalent of $977/week or $4,235/month.

How many years of oil does Alaska have?

The oil field started production 40 years ago this month. Twelve billion barrels of oil later, it has completely reshaped Alaska's economy. Between 1980 and 2016, oil revenues paid for the vast majority of Alaska's government services. Now, Alaska's long dependence on oil may be coming to an end.

How many years will U.S. oil reserves last?

The U.S. has vast technically recoverable oil, potentially lasting over 200 years at current consumption, but proven reserves (like the ~46 billion barrels in 2023) are much lower, lasting about 10 years if isolated, though this doesn't account for new discoveries or declining production as reserves deplete, as extraction becomes harder and more expensive over time. The Strategic Petroleum Reserve (SPR) holds less, around 390 million barrels in early 2025, providing about 19 days of consumption, serving as a buffer, not a primary supply. 

Which state is the richest in oil?

Texas is the state with the most oil, leading U.S. production by a huge margin, producing over 2 billion barrels in 2023 from basins like the Permian and Eagle Ford, significantly more than the second-place New Mexico, and holding vast reserves.
 

Who has more oil, Canada or the USA?

Yes, Canada generally has significantly larger proven oil reserves than the U.S., often ranking third globally after Venezuela and Saudi Arabia, mainly due to vast oil sands, but the U.S. is currently the world's top producer, extracting more oil daily through technologies like shale fracking, making it a huge supplier to Canada and the world. 

Do the Rockefellers still have money?

Yes, the Rockefeller family still has significant wealth, estimated in the billions (around $8-10 billion collectively), spread among many descendants, though it's much less than John D. Rockefeller's peak fortune due to philanthropy, taxes, and dilution over generations. They manage it through trusts, private investment firms, and real estate, focusing on sustained wealth, venture capital, and extensive charitable giving, with prominent family members still involved.
 

Who is the richest person that owns oil?

The richest "oil owner" is often cited as Mukesh Ambani of India, whose Reliance Industries is a giant in petrochemicals, refining, and oil & gas, while historically, John D. Rockefeller is the benchmark for oil wealth from his Standard Oil empire, though today's billionaires often have diversified holdings, with figures like Leonard Blavatnik and the Koch brothers (Charles Koch) also holding massive energy-related fortunes.
 

Who is the wealthiest person of all time?

The wealthiest person of all time is widely considered to be Mansa Musa I, the 14th-century Emperor of the Mali Empire, whose riches from gold and salt were so vast they are described as incomprehensible, far exceeding modern billionaires even when adjusted for inflation, though exact figures are impossible to determine. Other contenders for historical wealth include Roman Emperor Augustus Caesar, Mongol Emperor Genghis Khan, and industrial titans like John D. Rockefeller, but Musa's control over the world's gold supply places him at the top.