World’s First Oil Production: Way back in the year 327, Chinese engineers used bamboo pipelines to drill 240 meters below the surface to extract the earliest drops of oil. Carnegie notes that back then, oil was known as “burning water” and was used to evaporate brine and produce salt.

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The Oil Rich States in the USA

Though it is not always the cause, the States with the most Crude Oil reserves generally have strong economies.

6 of the 10 states with the most reserves have among the lowest unemployment rates in the Country; 7 had the smallest increases in the unemployment rate from Y’s 2004 to 2010; and 8 of the states had the largest increases in median household income from Y 2005 to 2010.

As much as the Oil and Gas industry may be disliked is also an indispensable part of many states and an asset to their local economies.

LTN has identified the 10 states with the most Crude Oil reserves, or the estimated amount of Crude Oil in the state, and examined the jobs attached to the industry in each state.

In order to ID the states with the most Crude Oil reserves data from the US Energy Information Administration was researched. Census Bureau, the Bureau of Labor Statistics and the American Petroleum Institute provided additional data.

Below are the 10 US States with lots of petroleum reserves, as follows;

1. Texas

Proved reserves of Crude Oil: 5,006-M bbls

Oil refineries: 23

Unemployment rate, Jan. 2012: 7.3%

Share of jobs supported by Oil and Gas: 14.3%

2. Alaska

Proved reserves of crude oil: 3,566-M bbls

Oil refineries: 6

Unemployment rate, January 2012: 7.2%

Share of jobs supported by Oil and Gas: 10.3%

3. California

Proved reserves of Crude Oil: 2,835-M bbls

Oil refineries: 19

Unemployment rate, January 2012: 10.9%

Share of jobs supported by Oil and Gas: 4.6%

4. North Dakota

Proved reserves of Crude Oil: 1,046-M bbls

Oil refineries: 1

Unemployment rate, January 2012: 3.2%

Share of jobs supported by Oil and Gas: 7.5%

5. New Mexico

Proved reserves of crude oil: 700-M bbls

Oil refineries: 3

Unemployment rate, January 2012: 7.0%

Share of jobs supported by Oil and Gas: 7.5%

6. Oklahoma

Proved reserves of Crude Oil: 622-M bbls

Oil refineries: 6

Unemployment rate, January 2012: 6.1%

Share of jobs supported by Oil and Gas: 14.1%

7. Wyoming

Proved reserves of Crude Oil: 583-M bbls

Oil refineries: 6

Unemployment rate, January 2012: 5.5%

Share of jobs supported by Oil and Gas: 15.8%

8. Utah

Proved reserves of Crude Oil: 398-M bbls

Oil refineries: 5

Unemployment rate, January 2012: 5.7%

Share of jobs supported by Oil and Gas: 4.9%

9. Louisiana

Proved reserves of Crude Oil: 370- bbls

Oil refineries: 17

Unemployment rate, January 2012: 6.9%

Share of jobs supported by Oil and Gas: 15.1%

10. Montana

Proved reserves of Crude Oil: 343-M bbls

Oil refineries: 4

Unemployment rate, January 2012: 6.5%

Share of jobs supported by Oil and Gas: 6.4%

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Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels. Read the Terms of Service

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