Phoenix Capital Group Discusses Major Oil Basins and Fields in the USA

Oil plays a significant role in the United States' economy, and the level of proven oil reserves in the country is only increasing. Advancements within the oil industry, such as hydraulic fracturing and horizontal drilling, have contributed to these increased levels. Not only did such innovations discover new sources of oil, but a revival came when depleted known sources became economically viable again.

Phoenix Capital Group Holdings, LLC, offers services to help mineral rights owners understand their opportunities in both retaining and cashing out of their ownership positions. Here, Phoenix Capital Group discusses major oil basins and fields in the United States of America.

What is an Oil Basin?

 Also known as a sedimentary basin, an oil basin is a dip in the Earth's crust formed when colliding tectonic plates damage one another. These basins are often a good source of shale, which can be mined for shale gas. Under perfect circumstances, petroleum can form if limestone and other hydrogen-rich rocks form at the right depths. This petroleum can then be mined and sold for hefty sums.

Locations of Oil Fields in the United States

When looking at the oil field locations within the United States, you will likely notice many of them are spread across the lower 48 states. Oil fields show a substantial presence in Pennsylvania, Illinois, New York, Michigan, and Texas.

Texas alone contains massive oil fields that produce a significant portion of the oil we consume. These locations include the TX-LA-MS Salt Basin, Permian Basin, Palo Duro Basin, Western Gulf Basin, Ft. Worth Basin, and Anadarko Basin. These basins, along with some spaces located within the Appalachian Basin, produce more than 290 cubic feet of oil per year just by themselves. This high production level is primarily due to the Permian Basin, one of the world's highest-producing.

Ten Largest Oil Fields in the United States

 Texas and New Mexico's Permian Basin is the highest producing oil field in the world. When looking at the precise locations of the ten highest-producing oil fields in the US, you may notice a trend in their areas:

1. Eagleville (TX) - 238 million barrels
2. Spraberry (TX) - 99 million barrels
3. Prudhoe Bay (AK) - 79 million barrels
4. Wattenberg (CO) - 47 million barrels
5. Briscoe Ranch (TX) - 62 million barrels
6. Kuparuk River (AK) - 29 million barrels
7. Mississippi Canyon (Fed Gulf) - 15 million barrels
8. Wasson (TX) - 19 million barrels
9. Belridge South (CA) - 23 million barrels
10. Green Canyon (Fed Gulf) - 27 million barrels

Most are found in the south, especially in areas in and around Texas.

Mapping United States Oil Fields 

When mapping the oil fields of the United States, there is a lot of focusing on Texas and other heavily beneficial oil industry areas. These maps are an excellent tool to help project oil locations and understand their presence in general; they show outliers and common grounds to provide a comprehensive view of the current locations of oil.

The US Energy Information Administration provides full documentation of these mapping efforts, which can be a massive asset to those looking to invest or enter into the oil industry.

Practices frequently change and adapt in major industries, and oil is no exception. Most people don't consider the USA a significant player in the oil industry, but this notion is now outdated.

About Phoenix Capital Group Holdings, LLC

Phoenix Capital Group offers services to help mineral rights owners understand their opportunities in both retaining and cashing out of their ownership positions. Phoenix Capital Group also provides opportunities for people to partner with and invest alongside the Company. Their focus is on educating, serving, and guiding their clients with integrity and humility.

If you would like to better understand your options from a friendly industry professional, give them a call at (213) 316-8720.