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The comments come as the United States and countries around the world work on cutting greenhouse gas emissions to the point the earth’s temperature does not rise more than two degrees Celsius.
Even after trending down for a year and a half, U.S. crude has fallen another 17 percent since the start of the year and is now probing depths not seen since 2003.
The analysis, posted on the Energy Department’s website Monday, comes as U.S. regulators consider an unprecedented number of proposals to export natural gas from booming shale fields.
The EIA’s new estimates added billions of barrels to the worldwide total of shale oil reserves.
U.S. crude fell to $39.94 per barrel Wednesday, the first time since August oil has settled below $40.
The build was about in line with what analysts had expected, but is still a sign that the U.S. has more crude oil than the market wants despite both a production cutback and stepped up refinery capacity after the height of the fall maintenance season.
The Permian is one of the outliers — the only other play expected to grow over the next two months is the Utica in the Appalachian region.
The U.S. has tied and is set to surpass a record for the amount of natural gas in storage, according to the latest Energy Department data.
Natural gas prices rose Thursday after Energy Department data showed a smaller-than-expected gain in inventories.
Forty years after the U.S. created an emergency crude stockpile, it needs modernization to swiftly respond to oil supply disruptions, Energy Secretary Ernest Moniz told senators.