Oil Reserves in the US Hit Record Gain

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.

via CNN

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza