Since there is so much unrest in the Middle East and that is affecting the price of gasoline, it may be of use to those who are interested to have some actual facts about oil. The following was researched during the BP disaster, and should still be relevant:
(2008 data except where noted)
Supply U.S. Petroleum Production (crude oil, NGPL, and other oils) – 6,734,000 barrels/day
U.S. Crude Oil Production – 4,950,000 barrels/day
U.S. Crude Oil Imports – 9,783,000 barrels/day
U.S. Petroleum Product Imports – 3,132,000 barrels/day
U.S. Net Petroleum Imports – 11,114,000 barrels/day
Dependence on Net Petroleum Imports – 57%
Top U.S. Crude Oil Supplier Canada – 1,956,000 barrels/day
Top U.S. Total Petroleum Supplier Canada – 2,493,000 barrels/day
U.S. Crude Oil Imports from OPEC – 5,954,000 barrels/day
U.S. Petroleum Product Imports from OPEC – 540,000 barrels/day
State Ranking of Crude Oil Production Texas – 1,087,000 barrels/day
Top U.S. Producing Companies – BP @ 654,000 barrels/day (2007)
Top U.S. Oil Fields by Production – Prudhoe Bay, AK (2007)
Top Oil Producing Countries & Exporters #1 – Saudi Arabia (10,782,000 barrels/day)
Top Oil Consuming Countries & Importers #1 – United States (19,498,000 barrels/day)
Consumption and Disposition U.S. Petroleum Consumption – 19,498,000 barrels/day
U.S. Motor Gasoline Consumption – 8,989,000 barrels/day (378 million gallons/day)
Share of U.S. Oil Consumption for Transportation – 71%
U.S. Total Petroleum Exports – 1,802,000 barrels/day
Refining and Reserves
Number of U.S. Operable Petroleum Refineries – 150
U.S. Refiners Ranked Capacity (1/1/2009) #1 – Baytown, Texas (ExxonMobil) 572,500 barrels/day
Top U.S. Petroleum Refining States #1 – Texas 4,689,179 barrels/day
U.S. Proved Reserves of Crude Oil as of December 31, 2007 – 21.317 million barrels
U.S. Strategic Petroleum Reserve – 702 million barrels (2008)
International Total World Oil Production – 85,472,000 barrels/day
Total World Petroleum Consumption – 85,534,000 barrels/day
Retail Gasoline Price in Selected Countries (2008) (regular unleaded, $/gallon)
Germany – $7.75
Japan – $5.74
Australia – $4.45
Canada – $4.08
United States – $3.27
China – $3.11
Mexico – $2.45
Gallons of Oil per Barrel – 42
Barrels of Oil per Metric Ton (U.S.) – 7.33
Analysis of above statistics:
(NOTE: It is widely reported that offshore drilling accounts for about 30% of US production, about 1.5MM bbls per day)
Domestic crude vs all imported crude – 4.95MM bbls / 9.783MM bbls = 50.6%
Canadian imported crude vs all imported crude – 1.956MM bbls / 9.783MM bbls = 20%
OPEC imported crude vs all imported crude – 5.954MM bbls / 9.783MM bbls = 61%
US Proved Reserves vs US consumption (per day) – 21.317MM bbls / 19.498MM bbls per day = 1.1 day
US Strategic Reserves vs US consumption (per day) – 702MM bbls / 19.498MM bbls per day = 36 days
So, what to make of this?
First, we have maybe a month of crude oil held in strategic and proven reserves.
Half of all the crude we consume is imported, and 61% of that is from OPEC.
15% of our crude consumption (about 3MM bbls per day) is from offshore drilling
29% of our consumption (5.65MM bbls per day) is used for non-transportation needs
I would make the case that if we converted even HALF of our consumption of crude oil to renewable sources of any kind, we eliminate all need for imports and offshore drilling. Regardless of spills, leaks, drilling problems, air quality issues and all the other problems with oil, the fact remains that it will take years and maybe decades to transfer to sustainable and eco-friendly energy sources to replace what we are using right now.
Even if we started converting to, let’s say, a hydrogen-based system today, there is no infrastructure in place. Every gas station in the country would need to have a refueling unit or two. Every gas or diesel vehicle needs to go “offline.” And on and on.
And, just to add insult to injury, we spend billions on foreign oil (remember that the largest importer of oil to the US is CANADA), a lot of which goes to countries that don’t like us very much. Funding our enemies is not a good idea.
Bottom line, to get to where we need to go will take trillions of dollars and years to implement if we have the will, raise taxes to pay for it, and do it like another Manhattan Project.
Anything less is just nibbling at the margins.
Current market costs to the consumer of various forms of energy (in Kilowatt hours):
Crude $0.78 (@ $70 / bbl)
It costs only $17.07 (20 year average) to PRODUCE a barrel of oil. This apparently has little to do with the PRICE of a barrel of oil.
Draw your own conclusions.
(This information took me a while to compile, but it’s out there. I needed to do a little spreadsheet work to convert a barrel of oil to kwH‘s.)
– I used kilowatt hours as a common denominator to make a point. A better and more apt comparison would be to use ergs or joules, which are a more scientific and accurate way to measure the potential energy in different substances (For example, 1 kwH = 3.6 million joules; 1 erg = 10 to the minus 7 joules— have fun!).
– 70% of our oil use in this country is for “transportation,” i.e., gasoline and diesel. However, our pump prices do not reflect all the hidden costs of using fossil fuels in this way. The last link below shows that the real cost of gasoline is more on the order of $15 per gallon.
- Crude Oil Tops $100 on Libya Turmoil (abcnews.go.com)
- Text:US EIA Feb Outlook: Sees Oil Prices To Avg $93 This Yr -1 (forexlive.com)
- “Strategic Briefing | 2.22.2011 | Libya: Oil & Political Crisis” and related posts (capitalspectator.com)