Oil Reserves In The U.S. Rise For Fifth Straight Year

U.S. proved oil reserves rose 9% last year, up for the fifth year in a row, the Energy Information Administration said Thursday. Proved reserves can be estimated with reasonable certainty to be commercially recoverable. North Dakota's proved reserves have surpassed offshore Gulf of Mexico's reserves, with Texas still the state with the largest proved reserves, the EIA said. The EIA also said U.S. natural gas proved reserves increased 10% in 2013 and are at an all-time high, with Pennsylvania and West Virginia accounting for 70% of the increase in reserves.