Tuesday, March 1, 2011

Interesting statistical note on America & Oil



Many commentators use the total consumption of 18.8 million barrels per day and the 5.35 MBD of crude oil production to then conclude the U.S. only supplies some 28.5% of its oil consumption. This is not true; including other liquid oil supplies drawn from natural gas wells, etc., the U.S. still produces about half of the oil it consumes. The U.S. remains the Number Three producer of oil, just behind Russia and Saudi Arabia. The U.S. produces roughly the same amount of oil as Canada, Mexico and the United Arab Emirates combined (numbers 6,7 and 8 in the list of top oil producers). The U.S. is also far and away the world's top consumer of oil. (China may consume more energy, but much of this is coal, not oil.)

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