U.S. Crude Reserves Hit Highest Levels In Nearly 40 Years
New data from the Energy Information Administration shows that crude reserves in the U.S. hit their highest levels since 1976. The EIA released a report on April 10, entitled “U.S. Crude Oil and Natural Gas Proved Reserves (2012),” which indicated that 2012 marked the fourth year in a row that proven oil reserves increased. Not only that, but 2012 marked the largest increase in oil reserves for a single year – 4.5 billion barrels – since 1970. That is a remarkable feat since 1970 was the year that vast reserves, around 10 billion barrels, were booked in Alaska.
Why the rapid growth in crude reserves when it appears that oil is becoming increasingly difficult to find and exploit? The EIA says that improved technology is allowing companies to find greater and greater amounts of oil. Moreover, high oil prices and several years of successful production has companies exploring for oil at an elevated rate.