Slide 15 of 30
- Since 1972, economic conditions and technological capability have varied dramatically. Crude oil reserve estimates have varied because improved technology has increased finding rates. Oil now can be economically produced in the United States from more marginal fields than was the case in 1972.
- In 1972 the American Petroleum Institute (API) estimates of crude oil reserves were 36.3 billion barrels.
- EIA and API estimates differed by 2.3 billion in 1977 -- when they first overlapped. The differences were attributed principally to the different approaches to reserves estimation.
- In 1996 EIA's estimates of crude oil reserves were 22.0 billion barrels.
Source: Energy Information Administration, Annual Energy Review 1997, DOE/EIA-0384(97). (Washington, DC, July 1998), Table 4.10.
Note(s): Prior to 1977: A technical committee sponsored by the API assembled these data. Beginning in 1977: EIA was solely responsible for assembling the crude reserves data. Oil reserves: The estimated quantities that can be recoverable with reasonable certainty in future years from known reservoirs under existing economic and operating conditions.
