The Energy Information Administration (EIA) has published its estimates of U.S. crude oil and natural gas reserves as of the end of 2008. The summary:
Proved reserves are those volumes of oil and natural gas that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Proved reserves of natural gas rose enough not only to replace production, but also to grow by almost 3 percent over 2007, largely due to continued development of unconventional gas from shales (see Table 1). In contrast, even though discoveries of crude oil rose for the third year in a row, proved reserves of crude oil fell by more than 10 percent.
The outlook is better, however, under new SEC rules. For more, see here.