U. S. reserves fall despite higher prices, more drilling

Journal Article · Mon Apr 05 04:00:00 EST 1976 · Oil Gas J.; (United States)

OSTI ID:7361851

Proved reserves of oil and gas continued downward in 1975 despite sharp increases in drilling activity and higher prices. The drilling rate was two-thirds the record 1956 level. New reserves figures were released by the American Petroleum Institute and the American Gas Association during a Washington seminar marked by strong calls from industry for an end to government price regulation. Crude oil reserves reported as of Jan. 1, 1976 are 32.68 billion bbl, with new field discoveries totaling 113.7 million bbl, and new reservoir discoveries in oil fields amounting to 127.8 million bbl. Crude-oil reserves in the Lower 48 states now total only 23 billion bbl, the lowest point since 1948. Natural gas reserves total 228.2 trillion cu ft, down 9.1 trillion cu ft from a year earlier. Additions to proved reserves totaled 10.7 trillion cu ft, with 4 trillion cu ft coming from new discoveries. For the Lower 48, the new reserve figure of 196.2 trillion cu ft is the lowest since 1951 and is the eighth yearly drop. Total additions to reserves of 10.8 trillion cu ft were the highest since 1970. Natural gas liquids reserves stand at 6.267 billion bbl, with additions to reserves amounting to 618.5 million bbl during the year. Analyst Kenneth E. Hill, of Blyth Eastman Dillion and Co. said the main reason for the decline in reserves has been the industry's inability to raise sufficient capital, and that government actions must bear a large share of the blame, including such actions as the rollback in domestic crude-oil prices, extension of price controls to all oil produced in the U.S., continuation of crude-oil price controls for 40 or more months, virtual elimination of the depletion allowance, failure to decontrol new natural gas, and price and tax discrimination between large and small petroleum producers. Data are tabulated by state of reserves in the United States. (MCW)

• OSTI ID: 7361851
• Journal Information: Oil Gas J.; (United States), Journal Name: Oil Gas J.; (United States) Vol. 74:14; ISSN OIGJA
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020100 -- Petroleum-- Reserves-- (-1989)
03 NATURAL GAS
030100 -- Natural Gas-- Reserves-- (-1989)
29 ENERGY PLANNING, POLICY, AND ECONOMY
294002* -- Energy Planning & Policy-- Petroleum
294003 -- Energy Planning & Policy-- Natural Gas
CAPITAL
CHARGES
DRILLING
ENERGY SOURCES
FLUIDS
FOSSIL FUELS
FUEL GAS
FUELS
GAS FUELS
GASES
NATURAL GAS
NATURAL GAS LIQUIDS
NORTH AMERICA
PETROLEUM
REGULATIONS
RESERVES
RESOURCES
USA