Report: U.S. oil reserves flourished in 2011
June 19, 2012
The United States rebounded as a global leader in crude oil production in 2011 as companies used new technology to unlocked vast reserves across the country, according to an annual Ernst & Young report released today.
The nation added 1.7 billion barrels to its oil reserves in 2011, growing 9 percent over the previous year, the advisory firmís study found. Production grew 3 percent to 1.4 million barrels.
The rise was a turnaround for the United States that was once viewed as a nation where energy resources were in permanent decline.
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