// IP Marketing video - START// IP Marketing video - END

U.S. says crude oil reserves reached highest level since 1976

U.S. says crude oil reserves reached highest level since 1976

PanARMENIAN.Net - Crude oil reserves in the U.S. grew for the fourth straight year, reaching the highest level since 1976, according to an Energy Department report released Thursday, April 10, according to the Associated Press.

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 U.S. consumed 6.9 billion barrels of crude-based fuels last year.

Drillers have learned how to unlock oil trapped in rock formations once thought too expensive to tap, using horizontal drilling and hydraulic fracturing, a process known as fracking. North Dakota and Texas, home to the two most prolific of these formations, accounted for the vast majority of the increase.

The oil reserves reported represent crude that can likely be produced in the future with current technology and prices.

 Top stories
Armenia's economy is expected to expand by 5.8% in 2017 and grow further by 3.8% and 3.6% in the following two years, the UN said.
"7.5 million liters of wine were produced in the country in 2016, which is by 14% more than the amount produced a year earlier," Karapetyan said.
"There is ample proof that Monsanto's sprays have poisoned our environment contributing drastically to dying off of bees," Tankian said.
Armenia ranks 47 on the ease of doing business index against the 38 spot last year, the World Bank Group’s annual Doing Business report said.
Partner news