Reserves of oil and natural gas in the United States shot higher last year, according to government data released Monday, setting records that reveal the extent to which a decade-long drilling boom has transformed the energy landscape. Proved reserves of natural gas rose by 34.8 trillion cubic feet (tcf), or 10 percent, to a record high of 388.8 tcf in 2014, while oil reserves rose 3.4 billion barrels, or nine percent, to 39.9 billion barrels, the highest since 1972, the Energy Information Administration said in a statement. The EIA describes proved reserves as oil and gas that can be extracted using current technology and under today’s economic conditions. The increases, which were the sixth in a row, were driven by prolific production from shale plays that, through hydraulic fracturing, have produced vast amounts of fuel, creating […]