U.S. Oil, Gas Reserves Hit Record Highs!!
Higher prices and continued shale resource development helped push U.S. crude oil and natural gas proved reserves to new record highs in 2017, the Energy Information Administration (EIA) said in a report on Thursday.
Proved reserves of U.S. crude oil jumped by 19.5 percent in 2017 from the end of 2016, reaching 39.2 billion barrels and beating the previous record of 39.0 billion barrels set in 1970.
Crude oil reserves reached an all-time in 2017, as higher prices typically raise reserve estimates because exploration and production companies believe that more of their resource bases can be produced. Last year, the average WTI Crude spot price rose by 20 percent compared to 2016, exceeding $60 a barrel for the first time since June 2015 and helping to drive increases in reserves, the EIA noted.
In its report for 2016, EIA said that the development in the Permian led to Texas showing the largest net increase in proved reserves of crude oil and lease condensate of all U.S. states, although the total U.S. crude oil reserves at end-2016 were virtually the same as at end-2015.
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