The decline in oil and natural gas prices in 2019 interrupted a 2-year trend of rising proved reserves of oil and natural gas in the United States. Proved reserves of crude oil and lease condensate remained effectively the same in 2019 as in 2018 (a very slight increase of 0.1%), and proved reserves of natural gas declined by 2% (Table 1). Although the U.S. had enough extensions and discoveries of proved reserves of crude oil and natural gas to replace annual production in 2019, reserves were revised downwards due to lower prices. Highlights are listed below. Oil highlights The annual average spot price for a barrel of West Texas Intermediate (WTI) crude oil at Cushing, Oklahoma decreased 15.1% in 2019, from $65.66 in 2018 to $55.77 (Figure 6). Proved reserves of crude oil increased 367 million barrels in 2019 while proved reserves of lease condensate (produced from gas wells) […]