US Crude Oil Reserves Sets Record In 2011 -- EIA; An Increase Of 15% Is Not Trivial; Second Year In A Row That A Record Is Set; Note -- 2011 Is Before 2013 (For Becky); The USGS Completed A New Bakken Study, Doubling Reserve Bakken Estimates, In 2013

"Yes, there's some oil there, but don't be fooled by the Bakken hype." -- Jane Nielson, paraphrasing. 

Rigzone is reporting:

Proved crude oil reserve additions in the United States reached a record volumetric increase in 2011, the second year in a row that a record was set, the Energy Information Administration (EIA) said in its Today in Energy brief, which was released Thursday. The increase in crude oil reserves of 15 percent – or about 3.8 billion barrels – sent crude oil reserves to the highest level since 1985.

While not setting a record, proved natural gas reserves increased by nearly 10 percent – or about 31.2 trillion cubic feet (Tcf) – making it the second largest annual increase since 1977. Additions to reserves of natural gas might have been even larger, had a drop in natural gas prices not occurred, the EIA said.

The data for 2011 was the most recent year that complete data was available, an EIA spokesperson told Rigzone. Data for 2012 is still being collected.

The 2012 data would have been reported by now, but bureaucrats are stunned by the numbers coming out of the Bakken and the Eagle Ford and are double checking their figures. At least that's why I'm thinking.

Back to the EIA:

The largest increase in proved oil reserves was in Texas, and was due mainly to the Eagle Ford formation in the Western Gulf Basin, and the Permian Basin shale formation. The second largest increase was in North Dakota, and was attributed to the Bakken formation in the Williston Basin.