Rajan Wilcox
The United States maintains a strategic reserve of petroleum and petroleum products, including crude oil and natural gas. This reserve, known as the Strategic Petroleum Reserve (SPR), is an emergency stockpile held by the US Department of Energy (DOE). As of March 2025, the SPR held approximately 395.3 million barrels of crude oil, with a capacity of 714 million barrels. The SPR is intended to protect the country from disruptions in oil supplies and is the largest publicly known emergency petroleum supply in the world. In addition to the SPR, the US also has proven reserves of crude oil and natural gas, which are estimated volumes of hydrocarbon resources that can be recovered under existing economic and operating conditions. These proven reserves have fluctuated over the years due to various factors, such as new production techniques, changes in prices, and exploration efforts. As of 2023, US proven reserves of crude oil were estimated at 46.4 billion barrels, while natural gas reserves were estimated at 603.6 trillion cubic feet. These reserves provide an indication of the country's long-term energy viability, with the US ranking #1 in the world for natural gas reserves as of 2017.
| Characteristics | Values |
|---|---|
| Crude oil reserves as of 2023 | 46.4 billion barrels |
| Percentage decrease in crude oil reserves from 2022 to 2023 | 3.9% |
| Crude oil production increase from 2022 to 2023 | 7.8% |
| Natural gas reserves as of 2023 | 603.6 trillion cubic feet |
| Percentage decrease in natural gas reserves from 2022 to 2023 | 12.6% |
| Natural gas production increase from 2022 to 2023 | 3.4% |
| Ranking in the world for natural gas reserves as of 2017 | #1 |
| Percentage of world's total gas reserves as of 2017 | 4.65% |
| Number of years of gas left as of 2017 (at current consumption levels and excluding unproven reserves) | 12 years |
| Ranking in the world for gas consumption as of 2017 | #3 |
| Percentage of world's total gas consumption as of 2017 | 20.49% |
| Minimum number of days of petroleum import that the US must stock as a member of the International Energy Agency | 90 days |
| Number of days of imports the US had as of September 2016 | 141 days |
| Percentage of petroleum the US must contribute in any IEA-coordinated release | 43.9% |
| Maximum total withdrawal capability from the Strategic Petroleum Reserve | 4.4 million barrels per day |
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What You'll Learn
The US has 12 years of natural gas left
The United States has been a dominant producer of natural gas for years, but its reserves are not infinite. As of January 1, 2021, the US had about 445 trillion cubic feet (Tcf) of proved reserves and about 2,528 Tcf of unproved reserves of dry natural gas. However, according to more recent data, the US has proven reserves equivalent to 11.9 times its annual consumption levels, which means it has about 12 years of gas left, excluding unproven reserves.
The US Energy Information Administration (EIA) estimates that, as of January 1, 2021, there were about 2,973 trillion cubic feet (Tcf) of technically recoverable resources (TRR) of dry natural gas in the country. Assuming the same annual rate of US dry natural gas production in 2021 of about 34.52 Tcf, the US has enough dry natural gas to last about 86 years. However, it is important to note that this estimate is highly uncertain and depends on various factors, including the actual amount of dry natural gas produced and changes in natural gas TRR in future years.
The US has made significant strides in natural gas exploration and production technologies, such as horizontal drilling and hydraulic fracturing in shale, sandstone, and carbonate formations, which have contributed to increases in natural gas production and reserves. As of December 31, 2022, the US total natural gas proved reserves, estimated as wet gas, were about 691 trillion cubic feet (Tcf). This estimate decreased by 12.6% in 2023, the first annual decrease in US natural gas reserves since 2020.
While the US has a significant amount of natural gas reserves, it is essential to consider the impact of economic factors and technological advancements on the availability of these resources. Proved reserves are estimated based on existing economic and operating conditions, and they can shrink or grow with changes in wholesale natural gas prices and production costs. Additionally, new and improved production techniques and technologies can convert previously uneconomic natural gas resources into proved reserves.
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Oil reserves fell in 2023
The United States is a member of the International Energy Agency (IEA) and as such, it must stock at least 90 days' worth of petroleum imports. As of September 2016, the US had 141 days' worth of imports in its Strategic Petroleum Reserve (SPR).
The US Energy Information Administration (EIA) reported that US proved reserves of crude oil and lease condensate totaled 46 billion barrels at the end of 2023, a 4% decline from the previous year. Proved reserves are operator estimates of the volumes of oil and natural gas that can be recovered in the future from known reservoirs under existing economic and operating conditions. Prices heavily affect these estimates. The decrease in 2023 was due to falling prices, which were 18% lower than the historical highs observed in 2022.
The US crude oil and lease condensate production increased by 7.8% year-over-year. However, North Dakota's crude oil and lease condensate reserves decreased by 12% (611 million barrels), the largest annual net decline reported among all states. Alaska's oil reserves decreased by 11% (384 million barrels), the second-largest net decline. New Mexico's reserves, on the other hand, increased by 380 million barrels, the largest increase among the states in 2023.
Proved reserves of US natural gas also decreased by 12.6% year-over-year, from 691 trillion cubic feet to 603.6 trillion cubic feet. This was the first annual decrease in US natural gas reserves since 2020. Alaska's natural gas proved reserves decreased by 22.7% (28.5 trillion cubic feet), the largest annual net decline among all states in 2023. Texas had the second-largest net decline in proved reserves of natural gas.
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The Strategic Petroleum Reserve
The United States maintains the world's largest publicly known emergency petroleum supply, known as the Strategic Petroleum Reserve (SPR). The SPR is managed by the United States Department of Energy (DOE) and is stored in underground tanks in Louisiana and Texas. The SPR was established in 1975 following the oil supply disruptions during the 1973-1974 oil embargo. The EPCA of December 22, 1975, authorized the creation of a reserve of up to 1 billion barrels (159 million cubic meters) of petroleum.
The SPR's capacity is 714 million barrels (113.5 million cubic meters), and as of March 7, 2025, the inventory was 395.3 million barrels (62.85 million cubic meters). This amount is equivalent to approximately 19 days of oil consumption at 2023 usage rates, or 47 days at 2024 import levels. The SPR's website provides up-to-date information on the current inventory levels.
The SPR has undergone several changes and updates since its inception. In 1977, the first oil was delivered to the SPR, and construction of surface facilities began. In 2001, following the September 11 terrorist attacks, President George W. Bush directed the SPR to be filled to its capacity of 700 million barrels. However, in 2006, President Bush temporarily halted deposits to the SPR to address high fuel prices. In 2008, the DOE announced it would halt deliveries, and in 2009, it began buying crude oil to replenish supplies sold after hurricanes Katrina and Rita in 2005.
The SPR has also been a subject of discussion in recent years. In 2011, Congress rescinded funding for the SPR's expansion, and in 2014, a report recommended reducing its size due to decreased crude oil import needs. In 2020, President Donald Trump ordered the SPR to be filled to maximum capacity to support domestic oil producers during the COVID-19 economic crisis. Between 2021 and 2022, the Biden administration sold 180 million barrels of oil from the SPR, the largest release in its history, in response to rising oil prices. As of April 2024, further purchases were cancelled due to rising oil prices.
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The US is a net importer of oil
The United States is a significant player in the global oil market, with its actions influencing international energy dynamics. While the US has been a net exporter of petroleum and petroleum products since late August 2021, it is important to note that the country's position in the oil market has fluctuated over time.
In 2023, the United States exported approximately 10.15 million barrels per day (b/d) of petroleum to 173 countries and three US territories, including American Samoa, Puerto Rico, and the US Virgin Islands. On the import side, the US imported about 8.51 million barrels per day (b/d) of petroleum from 86 countries in the same year. This resulted in a net export position of around 1.64 million b/d for the US in 2023.
However, when it comes to crude oil specifically, the US has continued to be a net importer. In 2022, the US imported about 6.28 million b/d of crude oil while exporting about 3.58 million b/d, maintaining its status as a net importer of crude oil. This trend continued into 2023, with crude oil imports of about 6.48 million b/d, constituting 76% of total gross petroleum imports.
The sources of US petroleum and crude oil imports vary, with Canada being the largest single source of both. In 2022, Canada accounted for 52% of total gross petroleum imports and 60% of gross crude oil imports into the US. Other significant sources of US petroleum imports include Mexico, Saudi Arabia, Iraq, and Brazil. Saudi Arabia, as the largest exporter within the Organization of the Petroleum Exporting Countries (OPEC), contributed 7% of total US petroleum and crude oil imports in 2022.
To ensure energy security, the US maintains strategic petroleum reserves. These reserves are primarily composed of crude petroleum and are intended to safeguard the country from disruptions in oil supplies. The US government has bought and sold oil to fill these reserves, depending on market conditions and the need to stabilize fuel prices.
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Gasoline and jet fuel stockpiles
The United States is a member of the International Energy Agency (IEA), and as such, it must stock at least 90 days' worth of petroleum imports. The Strategic Petroleum Reserve (SPR) is primarily a crude petroleum reserve and not a stockpile of refined petroleum fuels such as gasoline, diesel, and kerosene.
The US government does not maintain gasoline reserves on a similar scale to the SPR. However, it does maintain some extra supply of refined petroleum fuels, such as the Northeast Home Heating Oil Reserve and the Northeast Gasoline Supply Reserve, under the Department of Energy (DOE).
There have been suggestions that the DOE should increase its supplies and stockpile both gasoline and jet fuel. Former Secretary of Energy Samuel Bodman stated that the Department would consider new facilities for refined products as part of an expansion of 1 to 1.5 billion barrels.
In 2021, refinery jet fuel production increased by nearly 8% (102,000 barrels per day). As of July 23, 2021, the combined total US jet fuel inventory was 9.9% higher than the previous five-year average. Transportation constraints, such as limited pipeline capacity and restrictions on the volume of jet fuel that can be moved from terminals to consumers, have limited the amount of jet fuel reaching airports and other consumption points in the western regions, including the Rocky Mountains and the West Coast.
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Frequently asked questions
The USA has a lot of fuel reserves. As of 2017, the USA held 322 trillion cubic feet (Tcf) of proven gas reserves, ranking first in the world and accounting for about 4.65% of the world's total gas reserves. The USA also has proven reserves of crude oil, which were estimated to be 48.3 billion barrels at the end of 2022.
The Strategic Petroleum Reserve is a stockpile of crude petroleum maintained by the USA to protect against disruptions in oil supplies. The SPR is intended to provide the country with at least 90 days' worth of petroleum imports, and it contained an equivalent of 141 days of imports as of September 2016.
The USA's fuel reserves have fluctuated over the years due to various factors such as economic conditions, production costs, and exploration efforts. For example, in 2023, the proved reserves of crude oil and natural gas decreased by 4% and 12.6%, respectively, compared to 2022. However, there have been years where the reserves have increased, such as the net increase of 380 million barrels of crude oil and lease condensate reserves in New Mexico in 2023.
