Apr
14

Rising Reserves

With an increase of 4.5 billion barrels of crude oil in 2012, America’s proven reserves are now 33 billion barrels, their highest level since 1976 and have been rising since 2009. Moreover, the increase in reserves in 2012 was the largest since 1970, when 10 billion barrels of Alaskan crude were added. At the current rate of consumption of 19 million barrels/day, proven reserves equal almost five years’ worth of consumption.

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