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Nation's oil reserves highest since 1976

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By The Associated Press
Friday, April 11, 2014, 12:01 a.m.

Crude oil reserves in the United States grew for the fourth straight year, reaching the highest level since 1976, according to an Energy Department report.

The report says reserves grew 4.5 billion barrels, or 15 percent, to 33 billion barrels in 2012. It was the biggest one-year jump since 1970. The nation consumed 6.9 billion barrels of crude-based fuels last year.

Horizontal drilling and hydraulic fracturing in North Dakota and Texas shale formations accounted for the vast majority of the increase.

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