The Department of the Interior released a U.S. Geological Survey (USGS) report revealing an estimated 29.4 billion barrels of oil and 391.6 trillion cubic feet of natural gas beneath federally managed public lands.
This could supply U.S. oil needs for four years and natural gas for nearly 12 years at current consumption rates. The figures mark a significant jump from the 1998 USGS estimates of 7.86 billion barrels of oil and 201.1 trillion cubic feet of gas, driven by advancements in fracking and inclusion of unconventional resources like shale and tight oil.
Secretary Doug Burgum emphasized the report’s role in supporting energy security and economic growth.
The estimates, compiled from 579 assessment units across 69 geologic provinces, aim to guide land management and energy planning, leveraging extensive USGS data for strategic resource development.
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