U.S. oil reserves continue to climb for sixth consecutive year

According to the U.S. Energy Information Administration (EIA), U.S. crude oil and lease condensate proved reserves increased for the sixth consecutive year in 2014. At 39.9 Bbbl, reserves increased 9.3% from the year prior, Table 1. This is the first time that proved reserves have exceeded 39 Bbbl since 1972, making 2014 the fourth–highest year on record. Additionally, proved reserves of natural gas reached a record–high for the second consecutive year. A 9.8% boost brought the national total to 388.8 Tcf in 2014, an increase of 34.8 Tcf.

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