Power Play

oilbarrellIn 2013, proved US oil reserves hit a record 36.5 billion barrels and natural gas reserves reached a record 354 trillion cubic feet. However, the level of reserves varies over time. Exploration and technological advances increase them, while production reduces them. Reserves also vary with energy prices. As they rise, more oil becomes recoverable from a given field. Venezuela has the world’s largest proven reserves at 297 billion barrels.

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