EIA: U.S. OIL AND GAS RESERVES SHOWED DECLINES DURING 1991

The Energy Information Administration reports U.S. oil reserves dropped 6% and natural gas reserves 1.3% in 1991. EIA Administrator Calvin Kent said the oil reserves drop, the largest since 1977, was not surprising due to falling oil and gas prices and a 20 year low in the count of active drilling rigs. The drop in gas reserves was relatively small, and surplus gas productive capacity continued throughout 1991.

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