U.S. oil and natural gas proved reserves[1] have each grown by almost 10 percent from the end of 2012 to the end of 2013. According to the Energy Information Administration (EIA), U.S. oil reserves have hit a 38 year high at 36.5 billion barrels. In 2013, proved reserves of crude oil and lease condensate increased by 3.1 billion barrels, exceeding 36 billion barrels for the first time since 1975.Texas held the highest level of oil and condensate reserves, followed by North Dakota, whose reserves exceeded those in the federally held sections of the Gulf of Mexico, where reserve growth has stagnated during the Obama Administration.[-i]
