OKLAHOMA QUICK FACTS

  • Oklahoma was the fourth-largest crude oil producer among the states in 2019, and it accounted for nearly 5% of the nation's crude oil production.
  • As of January 2019, Oklahoma had 5 operable petroleum refineries with a combined daily processing capacity of almost 523,000 barrels per day, nearly 3% of the total U.S. capacity.
  • Oklahoma had the fourth-largest gross withdrawals of natural gas among the states in 2019 and accounted for about 9% of the nation's marketed production.
  • The benchmark price in the domestic spot market for the U.S. crude oil known as West Texas Intermediate (WTI) is set at Cushing, Oklahoma, home to about 15% of the nation’s commercial crude oil storage capacity.
  • In 2019, Oklahoma ranked second after Texas in total electricity net generation from wind and was third in wind's share of state generation after Iowa and Kansas. Wind supplied nearly 35% of Oklahoma's net generation, more than any other source.

The Cushing Oklahoma Hub as of Q2 2020, has a working storage capacity of 76 million barrels. While not full, the remaining storage space is reserved for oil companies who are now shipping oil in, and the hub is expected to reach 100% capacity soon.

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