Energy Education: Oil
Petroleum products account for roughly 40 percent of the energy used in the United States today. This is greater than any other energy source, yet our nation’s domestic production actually peaked in 1970. Although the 1973 oil embargo nearly cut off our supply of imported oil, our nation has grown to import over 60 percent of our oil today. This means factors outside the US strongly impact our oil prices.
American oil production has continued to decline since 1970, although our consumption has continued to increase. With the US’s relationship with oil-producing nations periodically under strain and production and proven reserves finite, individuals and organizations like the Energy Advocates must question what’s being done to ensure our nation has an adequate future supply of energy.
Did you know some of this information about petroleum?
Production
• Domestic crude oil production had peaked at 9.6 million barrels per day in 1970 and then began to decline.
Consumption
• In 2005, total U.S. demand for petroleum was 20.8 million barrels per day
• This represents about 3 gallons of petroleum each day for every person in the country
• The top three consumers in 2004 were the United States, China, and Japan
o The United States consumed 20.7 million barrels per day
o China consumed 6.4 million barrels per day in 2004, the latest date solid statistics are available, but their rate of consumption has increased dramatically in the preceding years
o Japan ranks third in consumption, with 5.4 million barrels per day in 2004
• Petroleum products, especially motor gasoline, distillate (diesel) fuel, and jet fuel, provide virtually all of the energy consumed in the transportation sector.
Imports
• The US imported 12.5 million barrels per day, or 60 percent, from net imports (imports minus exports) in 2005
• Imports nearly doubled between 1970 and 1973, the year of the Arab oil embargo, rising to nearly 6.3 million barrels per day, with crude oil accounting for more than half. Net imports averaged more than 6 million barrels per day.
Proven Reserves
• Total proved reserves of crude oil in the United States, as of year-end 2005, are 21.75 billion barrels, a 1.8 percent increase from those of 2004.
• Thirty-one States have crude oil reserves. The top five include the following:
o Texas has 4.9 billion barrels
o Alaska has 4.2 billion barrels
o California has 3.4 billion barrels
o Wyoming has 704 million barrels
o New Mexico has 690 million barrels.
• There are substantial crude oil reserves located in Federal Offshore fields: 4.0 billion barrels in the Gulf of Mexico and 441 million barrels in the Pacific.
The Energy Advocates promotes education and energy security for a strong America.
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