The Energy Information Administration (EIA) recently announced that oil and natural-gas proven reserves jumped in 2010 by the highest margin in at least three decades. Proven reserves of crude oil increased by 13 percent (2.9 billion barrels) and proven reserves of natural gas rose by 12 percent (33.8 trillion cubic feet). Oil reserves at the end of 2010 were 25.2 billion barrels and natural gas reserves at the end of 2010 were 317.6 trillion cubic feet– the first time they reached a level over 300 trillion cubic feet. The increases were the highest recorded by EIA since it began publishing the estimates in 1977.
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