US has only ‘scratched the surface’ of its oil potential as emerging technology strengthens energy outlook

The U.S. has only “scratched the surface” of its oil potential, with new technologies and untapped resources emerging that could help cement America’s energy dominance for years to come.

“The biggest opportunity is to recover more of the molecules that are in the ground,” Chevron CEO Mike Wirth told FOX Business in an exclusive interview.

Currently, only about 10% of the oil in place can be extracted with existing technology — a figure Chevron aims to increase.

Wirth told FOX Business’ Maria Bartiromo that the company is investing in a new generation of drilling innovations, including artificial intelligence-powered systems and fiber-optic sensors that adjust fracking operations in real time. He said the goal is to fine-tune how fractures move through rock formations.

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When Bartiromo suggested the U.S. has only “scratched the surface” of its oil potential, Wirth agreed — saying advances in technology and innovation could extend America’s energy dominance well into

Wirth’s conversation with Bartiromo — part of her two-day trip to the Permian Basin in Texas — underscored how U.S. innovation and resource strength could secure America’s economic and energy future.

“The Permian Basin is the part of the world that has delivered most of the oil production growth over the last decade to meet all the demand growth in the world,” Wirth said.

“It’s made the U.S. the No. 1 producer, and it’s a massive area. It’s the size of the U.K. and has rewritten the history books of oil and gas.”

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But that wasn’t always the case.

Two decades ago, the U.S. was the world’s third-largest producer, trailing Saudi Arabia and Russia and steadily declining. Wirth noted that those two countries together pumped nearly three times more oil and gas than the U.S. at the time — but that trend has since reversed.

“Today, U.S. oil and gas production is greater than Saudi Arabia and Russia combined,” Wirth said, adding that America is now a net exporter of energy rather than an importer.

That shift, he added, has fundamentally reshaped global energy diplomacy — giving the United States more leverage to support allies, reduce dependence on unstable regions and strengthen control over its own economic future.