U.S. proved oil and natural gas reserves rise in 2014
- Natural gas proved reserves rose 10% in 2014, setting a new U. S. record of 388.8 trillion cubic feet
- Oil proved reserves rose 9% in 2014, exceeding a U.S. total of 39 billion barrels for the first time since 1972
- Sustained lower prices for crude oil and natural gas in 2015 have curtailed oil and natural gas drilling and have reduced operating economics; this is anticipated to reduce end-of-year 2015 oil and natural gas reserves
U.S. crude oil proved reserves increased in 2014 for the sixth year in a row with a net addition of 3.4 billion barrels of proved oil reserves (a 9% increase), according to U.S. Crude Oil and Natural Gas Proved Reserves, 2014, released today by the U.S. Energy Information Administration (EIA). U.S. natural gas proved reserves increased 10% in 2014, raising the U.S. total to a record 388.8 trillion cubic feet (Tcf). …