According to the U.S. Energy Information Administration’s recently-released report, U.S. Crude Oil and Natural Gas Proved Reserves, Year-End 2017, stronger oil and natural gas prices, along with the development of shales and low permeability formations, lifted United States crude oil and natural gas proved reserves to record levels in 2017.

Proved reserves of crude oil in the U.S. rose to 39.2 billion barrels — an increase of 19.5 percent from 2016 — and surpassed the previous peak level of U.S. crude oil proved reserves of 39.0 billion barrels set in 1970.

Proved reserves of natural gas increased 36.1 percent to 464.3 Tcf and broke a 2014 record for total natural gas proved reserves.

Furthermore, both U.S. proved reserves of crude oil and natural gas are approximately double their levels from a decade ago.

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