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U.S. Oil Reserves Climb to 38-Year High
America's proved petroleum reserves rose to 33 billion barrels at the beginning of 2013, their highest since 1976, the U.S. Energy Information Administration reports.
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America's proved petroleum reserves rose to 33 billion barrels at the beginning of 2013, their highest since 1976, the U.S. Energy Information Administration reports.
Proved reserves are crude oil supplies identified as being reasonably likely to be recoverable from known reserves under existing operating conditions.
EIA attributes the increase primarily to more exploration and improved extraction technology.
The agency notes that America's reserves fell from 40 million barrels in 1972 to about half that amount in 2008 before beginning a sharp four-year climb. EIA says reserves jumped 15% in 2012.
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