WASHINGTON, D.C. — The U.S. Geological Survey (USGS) has released an updated report estimating 29.4 billion barrels of undiscovered, technically recoverable oil and 391.6 trillion cubic feet of natural gas beneath federally managed public lands. These figures significantly surpass earlier estimates and underscore the advances in energy production technology over the past two decades.
According to the Department of the Interior, this amount of oil could supply the nation’s needs for approximately four years, while the natural gas reserves could meet demand for nearly 12 years at the current rate of consumption. “American Energy Dominance is more important than ever, and this report underscores the critical role science plays in informing our energy future,” stated Secretary of the Interior Doug Burgum.
The USGS’s latest estimates represent a substantial increase from its 1998 assessment, which identified 7.86 billion barrels of oil and 201.1 trillion cubic feet of natural gas on public lands. The growth in estimated resources is attributed not to changes in the geology but to the inclusion of unconventional sources like shale oil, tight gas, and coal-bed gas, along with technological advances such as hydraulic fracturing.
The report analyzed data from 579 assessment units within 69 geologic provinces. Resources were allocated proportionally to federally managed public lands based on the percentage of each province under federal jurisdiction. Public lands assessed included those managed by multiple federal agencies, including the Departments of Agriculture, Defense, Energy, and Interior, as well as the Tennessee Valley Authority.
Sarah Ryker, acting director of the USGS, highlighted the importance of these insights. “We leveraged our extensive existing data to estimate oil and gas resources on federally managed public lands. These estimates will be instrumental for state and national land management, energy futures analysis, and economic development planning.”
The findings bolster federal efforts to enhance domestic energy security, support economic development, and ensure responsible management of public lands. The report serves as a critical tool for policymakers navigating the nation’s energy future.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.