Some interesting oil industry statistics - consumption

1997-2009 Gibson Consulting

Perspective US Gov't
Index US imports - from where? US imports - volume US exports Largest exporters Largest importers Iraq By company
Costs Largest refiners US Capacity Capacity by state Product imports Market share Transportation
Leading countries US Production Leading US States Largest world oil fields Largest US oil fields Largest world gas fields US Production Peak Production Peak Number of wells US - Wells drilled/producing US - shut-in wells
How many gallons? How much gasoline? How much plastic? Production costs Finding costs US Gov't profits Uses of oil
US - oil US - gasoline World Changes By sector US vs China
World US US - Bakken US - shut-in wells Peak Oil Drill Baby Drill Largest world oil fields Largest US oil fields Largest world gas fields
Largest that don't use imported oil Profits Seven Sisters
Who sets the price? Price history Factors Why so high? Gasoline price breakdown Historic change in pricing basis
How much in a barrel? Retailer Profits No. of stations US Price breakdown Sales per station No Middle East oil Price in other countries
Producers Importers Companies Oil Fields Gas Fields Reserves Profits
Exports to Japan ANWR
Drill Baby Drill Salvation in Canada? US - Bakken Essay
Made of dinosaurs? Why so much in the Mid East? Who owns it? Abiotic oil
Miscellaneous Myths Alternatives
Finding costs Hot areas Bakken Time to bring onstream
How many gallons in a barrel? How much gasoline from a barrel? Where to buy gas not from Mid East? Who sets the price of oil? Why does Alaska export oil to Japan?

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Where do you stand as a US gasoline consumer? For 2008 (Jan-Sept) the USA consumed an average of 8,980,000 barrels of gasoline every day. (Note that we are ignoring diesel, jet fuel, home heating oil, asphalt, plastics, and all the other uses of oil.) With a population of 306,000,000, this works out to 0.029 barrels per day for every human in the US, on average. 0.029 x 42 gallons per barrel = 1.22 gallons of gasoline, every day, for every person. That's 446 gallons of gasoline per year for each person. I bought exactly 222.6 gallons of gasoline for 2008. How about you? Are you above or below the average per person of 446 gallons per year?

US OIL DEMAND, 2004: Over 20 million barrels per day, up from January 2002, when demand was about 18.5 million barrels per day, = 777 million gallons. If lined up in 1-gallon cans, they would encircle the earth at the equator almost 6 times (about 147,000 miles of cans) every day. Here's another image: EVERY DAY, the US consumes enough oil to cover a football field with a column of oil 2500 feet tall. That's 121 million cubic feet. 55-60% of US consumption is imported at a cost of $50 billion+ per year, amounting to the largest single element of our trade deficit. In summer 2004, thanks to higher prices, increased demand, and lower production, record trade deficits of more than $50 billion per month were recorded, with approximately 30% of that attributable to imported energy costs. In September 2004, the US reported its lowest monthly oil production in 55 years, at an average of 4.85 million barrels per day.

U.S. gasoline consumption of 320,500,000 gallons per day (March 2005) works out to about 3700 gallons per second.
In March 2004, the total trade deficit was about $46 billion for the month, and oil imports were about 11 million barrels per day x $40 per barrel x 30 days per month = $13.2 billion, or about a quarter of the total trade deficit for the month. If March served as an average for the year, the total value of oil imports for 2004 would be about $156 billion but this number depends on volume of imports (which is unlikely to decrease) and price of oil (which is likely to fluctuate). UPDATE 2005: For November 2005, oil imports cost the US $24 billion, and amounted to more than one-third of the trade deficit. Source

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Compiled by Dick Gibson, Gibson Consulting, 301 N. Crystal St., Butte, MT 59701

Want to know more?
Gibson Consulting recommends: Read The Prize, by Daniel Yergin.

1997-2009 Gibson Consulting
Background image of drilling well in Utah in 1981 2000 by Dick Gibson