Report: U.S. oil reserves flourished in 2011

Simone Sebastian
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 firm’s 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.

To read more click here.