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U.S. energy reserves spike

Oil reserves climb 15%

New data from the U.S. Energy Information Administration shows that America’s proved oil reserves continue to increase at a rapid pace.

The latest report from the EIA shows that crude oil reserves rose 15% in 2011 while natural gas reserves rose almost 10%, mostly from new shale discoveries. Oil reserves in 2011 rose by 3.8 billion barrels, the highest volume increase since 1985, to give the U.S. a total of 29 billion barrels. Natural gas reserves increased by 31.2 trillion cubic feet for a total of 348.8 trillion cubic feet.

This compares with Canada’s proved oil reserves of 173.1 billion barrels and proved natural gas reserves of 68.17 trillion cubic feet.

us oil reserves