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Shale drilling boosted US reserves in 2014

25 Nov 2015

Reserves of oil and natural gas in the United States shot higher last year, according to new government data.

Proved reserves of natural gas rose by 34.8 trillion cubic feet (tcf), or 10%, to a record high of 88.8 tcf in 2014, while oil reserves rose 3.4 billion barrels, or nine percent, to 39.9 billion barrels, the highest since 1972.

The increases, which were the sixth in a row, were driven by prolific production from shale plays that, through hydraulic fracturing, have produced vast amounts of fuel, creating a market glut and causing steep price drops.