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Things You Never Knew About Oil

If you think that there is nothing new and surprising about oil, the investments and financial deals connected with this business, you are wrong. Indeed, oil production is one of the main objects of utility across the globe. Here are some facts about oil that will improve your knowledge of this commodity.

•Crude oil is known as the "mother of commodities" because it is used in the producing of different products, including synthetic fabrics, gasoline, pharmaceuticals and plastics.

•Nearly 50% of all the oil consumed in the USA is for the transportation.

•California, Louisiana and Texas are known for over a half of all domestic refining capacity.

•Texas is the leading state in oil production. It has more than 5 billion barrels of the reserves.

•Government off-shore drilling territories in the Gulf of Mexico and off the shoreline of California create more than a quarter of all domestic crude oil.

•Items like plastics, fertilizers, ammonia, perfumes, car tires, and even bubble gum are produced with the help of petroleum products gathered during the oil refining process.

•In 2009, the USA imported about 50% of oil it produced during that year.

•OPEC countries hold more than three-quarters of the world's oil reserves. This number is rising.

•In the USA, there are more than 200,000 miles of oil pipelines.

•The largest oil field in the world is Saudi Arabia's Ghawar. It contains more than 85 billion barrels of oil.

•Oil is made from the disintegration of natural materials under exceptional warmth and weight over a huge number of years.

•As it was indicated by noteworthy study that around 80% of all oil spills are caused by the human mistake. The largest one in history was the Deepwater Horizon oil spill (2010). Nearly 4.2 million barrels of oil spilt into the Gulf of Mexico.

•Oil has been utilized by humanity for more than 5,000 years, once it was used as a medicine to heal podagra and chilblain.

•The USA currently has 20 billion barrels of oil of reserves. This is enough to last 8 years at the present consumption levels.

•Every day oil production around the globe is 84,365 barrels per day.

•The USA imports more than 9 million barrels of oil a day.

•Saudi Arabia produces more than 8 million barrels of a day.

•Oil spills are just around 6% of the oil entering the seas. The Coast Guard assesses that for US waters, sewage treatment plants release twice as much oil every year as tanker spills.

About the author: Janet Smith is an academic writer from dissertation help service. She also blogs at different online recourses where she focuses on Marketing, Business, Accounting and other related studies. As an academic writer, she is proficient in Business spheres and Economy. So, she shares her experience with students and helps them cope with their papers.