According to data recently released by the U.S. Energy Information Administration, crude oil reserves in the U.S are at their highest level since 1976. In 2012 alone the U.S. added 4.5 billion barrels. This represents the highest one-year increase since 1970 when Alaskan crude oil was added to U.S. reserves.
Texas alone added nearly 3 billion barrels, thanks to a number of factors including advances in technology for developing so-called tight oil plays, and continued high prices for crude oil which encourages exploration. The expansion in Texas oil reserves largely reflect development of the Western Gulf and Permian basins.
While most of the country saw increases in reserves, Alaska saw a decline of 500 million barrels and California saw a decline of 33 million barrels.
