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U.S. oil and natural gas reserves show small decline during 1989
The Energy Information Administration reports U.S. oil and gas reserves declined a surprisingly small amount in 1989 in spite of low prices and less exploratory drilling.
Proved crude oil reserves dropped 324 million bbl, or 1.2%, during 1989, less than the 1.6% average during the last 10 years.
EIA said most of the U.S. decline was due to the 285 million bbl drop in Alaskan reserves in 1989. Lower 48 reserves, at 19.827 billion bbl, were barely lower - 51 million bbl or 0.3% - than they were in 1987.
Revisions and adjustments to crude oil reserves were 1.546 billion bbl, slightly lower than the 1.653 billion bbl/year average during the past 10 years. About three …