U.S. oil and natural gas reserve prices, 1982-2003

A time series is estimated of in-ground prices of U.S. oil and natural gas reserve prices for the period 1982-2003, using market transaction data. Reserves sold are considered as proved; errors in this respect may affect estimates, in either direction. The data are also used to examine the impact of reserve status, production rate, and well head prices, on reserve prices. Both oil and gas current values rose after 2000. In real terms, the reserve value of oil rose sharply in 2003, but stayed below the 1985 peak; that of gas remained below the mid-1980s. Oil reserve values hold for the worldwide industry; gas values only for North America.