Higher oil and natural gas prices in 2018 raised the proved reserves of oil and gas in the United States to new all-time highs last year, the Energy Information Administration (EIA) said in its new annual report.
Oil and natural gas proved reserves beat the previous record from the previous year, when rising prices and continued shale resource development in 2017 helped push US reserves to what was then record high volumes.
In 2018, U.S. proved reserves of crude oil jumped by 12 percent, from 39.2 billion barrels at the end of 2017 to 43.8 billion barrels at end-2018, for the new record in proved oil reserves, according to EIA estimates.
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