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U.S. Proved Crude Reserves Reach 36-Year High

U.S. proved reserves of crude oil and lease condensate reached the highest level in 36 years as new technology and high prices made supplies locked in shale formations available.

Reserves increased 4.5 billion barrels to 33.4 billion in 2012, the most since 1976 and the biggest annual gain since 1970, the Energy Information Administration said today in its annual U.S. Crude Oil and Natural Gas Proved Reserves report. Oil deposits in shale rock, also known as “tight oil” formations, more than doubled from a year earlier.