US domestic oil reserves may already be past their peak

While new discoveries of natural gas in the United States exceeded consumption in 2006, the same was not true for crude oil. Overall, proven reserves of crude oil in the U.S. dropped by four percent last year with the Gulf of Mexico and Alaska dropping ten and seven percent respectively. Previous estimates of reserves in those two regions were revised downward while little new oil was discovered. Utah had the biggest increase at thirty percent with Colorado and New Mexico also discovering a little bit new crude. Those new discoveries weren't enough to overcome declines in the bigger oil fields. Domestic production also declined as some Alaskan facilities were shut down to inspect and repair corrosion problems.

[Source: Energy Information Administration]

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