13 August 2008

Some information about oil

I was doing some reading the other day and I came across some information that I found interesting. It was especially interesting given that this is a Presidential election year (in case you hadn't heard) and the subject of oil and, consequently, oil-derived prices, is in the news.

Did you know that as of July 2008...

...the United States produces just over 5M barrels of domestic crude oil per day. Of that 5M, Texas produces the most -- just under 1.1M barrels a day.

...much of the oil produced from Alaska (722K barrels/day) is sold internationally. Due to antiquated laws to protect the US shipping industry, foreign vessels are prohibited from delivering oil between US ports.

...the United States imports over 10M barrels of oil per day, of which 5.3M barrels come from OPEC countries and 2.1M barrels come from the Persian Gulf.

...the largest international supplier of foreign oil to the United States is Canada, which provides approximately 1.9M barrels per day.

...the United States consumes approximately 20.7M barrels of petroleum per day including 390 million gallons of motor fuel per day.

...the current proved fuel reserves for the US are 20,972M barrels -- approximately 1,000 days.

Here's my source: http://www.eia.doe.gov/basics/quickoil.html

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