The latest report from the U.S. Energy Information Agency (EIA) not only confirmed the explosive growth in the country’s proven reserves of oil and natural gas, it also shattered popular myths about America’s decline:

Proved reserves of U.S. oil and natural gas in 2010 rose by the highest amounts ever recorded since the U.S. Energy Information Administration (EIA) began publishing proven reserves estimates in 1977.

Net additions to proved reserves of crude oil plus lease condensate in 2010 totaled 2.9 billion barrels, surpassing the previous high of 1.8 billion barrels added in 2009 by 63 percent …

Net additions of wet natural gas in 2010 totaled 33.8 trillion cubic feet (Tcf), nearly 17 percent higher than the previous record of 28.8 Tcf, also added in 2009. [Emphases added.]

“Proved reserves” are defined as “those volumes of oil and natural gas that geologic and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions.” In other words, no hype here. This is the real deal.

And notice, please, that this is for the year 2010. The report for 2011 won’t be out until the spring of 2013 when it is expected that further increases will be announced.

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