Full Title: U.S. Crude Oil and Natural Gas Proved Reserves, 2014
Author(s): U.S. Energy Information Administration (EIA)
Publisher(s): U.S. Energy Information Administration (EIA)
Publication Date: November 1, 2015
Full Text: Download Resource
Description (excerpt):
In 2014, U.S. crude oil and lease condensate proved reserves increased to 39.9 billion barrels—an increase of 3.4 billion barrels (9.3%) from 2013. U.S. proved reserves of crude oil and lease condensate have risen for six consecutive years, and exceeded 39 billion barrels for the first time since 1972. 1 Proved reserves of U.S. total
natural gas2 increased 34.8 trillion cubic feet (Tcf) to 388.8 Tcf in 2014. This increase (9.8%) boosts the national total of proved natural gas reserves to a record-high level for the second consecutive year. Sustained low prices for oil and natural gas are anticipated to reduce the reserves in EIA’s next report (for yearend 2015). Lower prices have curtailed drilling and made recovery economics more challenging. Although resource estimates are not necessarily reduced by lower prices, the calculation of proved reserves is sensitive to price.