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US oil reserves reach highest level in 28 years

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U.S. proven reserves of crude oil and lease condensate totaled 29.5 billion barrels in 2011, a 15-percent increase from the previous year and the highest level since 1985, according to a new report from the Energy Information Administration. Crude oil proven reserves alone totaled 26.5 billion barrels, a 14 percent increases from 2010. Liquid natural gas proven reserves (which contain methane...

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