Take a guess at the world’s largest crude oil producer. Saudi Arabia? Try again. Russia? Nope. The United States has been the global leader in crude oil since 2018. Extraction techniques have evolved in recent years, leading to record production. The cost of extracting petroleum affects everything from gas prices to clothing, so here’s a look at what the nation produces.

Domestic crude oil production more than doubled between 2011 and 2022, faster than at any point in history.

• In 2022, five states accounted for more than 70% of total crude oil production: 
• Texas: Over 1.8 billion barrels of crude oil produced, or 42.4% of the US total 
• New Mexico: Over 574 million barrels of crude oil, or 13.2% 
• North Dakota: Over 386 million barrels of crude oil, or 8.9% 
• Alaska: Over 159 million barrels of crude oil, or 3.7% 
• Colorado: Over 157 million barrels of crude oil, or 3.6% 
•  Oil producers have used hydraulic fracturing (or fracking) for more than 60 years. Yet fracking and horizontal drilling have led to an unprecedented rise in oil production: in the early 2000s, 7% of US oil was extracted via fracking; by 2022, two-thirds was. 

Mexico was America’s biggest trade partner in 2023, with nearly $798 billion in goods and services exchanged. Canada ($773 billion) and China ($575 billion) were close behind. Add Germany and Japan; these five nations accounted for more than 50% of all imports and exports. 

• China has been the nation's biggest import partner for years, but Mexico took the top spot in 2023. The US spent $475 billion on Mexican goods and services. 
  
  
• Exports also went to the usual suspects. Mexico and Canada were the nation’s top export destinations, each receiving more than $300 billion in goods and services from the US. China was third, taking in $148 billion. 
  
  
• Overall, the US imported $1 trillion more than it exported in 2023, continuing a six-year streak of trade deficits. The biggest trade gaps were with China ($279 billion), Mexico ($152 billion), and Vietnam ($105 billion). 
  
  
• America exported more than it imported with one-third of its trade partners, creating a trade surplus. The US sent much more to the Netherlands than it brought in — $43 billion more.