U.S. oil reserves posted their biggest gain ever in 2011, largely thanks to the controversial hydraulic fracturing production technique, according to a new report.
The country had 29 billion barrels of “proved reserves” in 2011, a 15% increase from the 25 billion barrels in 2010, the Energy Information Administration said Thursday.
It was the third year in a row that the United States posted such an increase, and it’s the highest amount of this oil the country has had since 1985.
Not surprisingly, much of the increase comes in states seeing a boom in oil drilling and production. Texas, with Eagle Ford and other shales, posted the largest increase. North Dakota was second with its Bakken Shale. Other areas showing large increases include much of the Rocky Mountains, the Appalachian states that lie atop the Marcellus Shale, California and the Gulf of Mexico.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.