Report: U.S. Natural Gas, Oil Reserves Increase

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U.S. natural gas and crude oil reserves rose the most in the history of the oil industry last year. The increase brings the U.S. one step closer to meeting all of the country's energy demands.

The Energy Information Administration's annual report announced that natural gas reserves are up 11 percent and all major oil producing regions have also seen their reserves rise.

The increases show the potential of an expanding role for domestic natural gas and crude oil in meeting both current and projected U.S. energy demands

New technology is making it possible for companies to drill into shale formations. The shale gas development is one of the main factors behind the reserves increase.

Louisiana, Arkansas, Texas, Oklahoma, and Pennsylvania were the primary states that contributed to the increases.

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