This report summarizes the economic component of the U.S. Geological Survey's 1995 National Assessment of oil and gas resources for the US onshore areas and State waters. This area accounts for 80 percent of US hydrocarbon production and 85 percent of US proved reserves. The Minerals Management Service has released a parallel study for Federal offshore areas (1996). Estimates are as of January 1994. The economic evaluation uses mean values of the technically recoverable resources assessed by geologists.