EIA: US Oil, Gas Reserves Hit Record Highs In 2017

U.S. crude oil and natural gas proved reserves rose to record highs in 2017, driven by stronger energy prices and the continuing development of shale formations, the U.S. Energy Information Administration (EIA) said Nov. 29.

Crude reserves increased 6.4 billion barrels (Bbbl), or 19.5%, to 39.2 Bbbl at year-end 2017, marginally higher than the previous record of 39 Bbbl set in 1970.

“Total U.S. oil reserves in 2017 exceeded a brief, one-year, 47-year-old record, highlighting the importance of crude oil development in shales and low permeability plays, mainly in the Southwest,” the statistical arm of the U.S. Department of Energy said.