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..