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Crude oil: Everything you wanted to know...*

From The Economic Peephole. Visit and sign-up for email or feed delivery of new articles.

Crude oil in the United States: What we use, how much we use, where it comes from and how you can save some money!

After a sharp price correction of about 15% on Friday, crude oil prices bounced back about $6 a barrel on Monday. While the drop last week maytranslate into some relief at the pump, we all know that prices go up much faster than they ever come down.

Crude oil statistics

Listening to the radio or the T.V. news we often hear about this critical commodity that we use every day, but how much do we really know about it?

I can tell you that we currently get about 40% less from domestic drilling than we did in 1970 and that more needs to be done in this area in order to cut our dependence on foreign oil, but when it comes down to some of the basic statistics, there is much I did not know.

I will say this much, that current world production of crude and need for crude are extremely close which severely cuts down any margin for error that we might have.

The crude oil statistics below are provided by the US Energy Information Administration. Next will be 10 ways to save money driving your car.

Petroleum Statistics

(2009 data except where noted)

 

U.S. Petroleum Production (crude oil, NGPL, and other oils) 7,270,000 barrels/day
U.S. Crude Oil Production
5,361,000 barrels/day
U.S. Crude Oil Imports
9,013,000 barrels/day
U.S. Petroleum Product Imports
2,678,000 barrels/day
U.S. Net Petroleum Imports
9,667,000 barrels/day
Dependence on Net Petroleum Imports
51%
Top U.S. Crude Oil Supplier
Canada — 1,943,000 barrels/day
Top U.S. Total Petroleum Supplier
Canada — 2,479,000 barrels/day
State Ranking of Crude Oil Production Texas — 1,106,000 barrels/day
Top Oil Producing Country
#1 — Russia (9,934,000 barrels/day)
Top Oil Consuming Country
#1 — United States (18,771,000 barrels/day)
U.S. Petroleum Consumption
18,771,000 barrels/day
U.S. Motor Gasoline Consumption
8,997,000 barrels/day (378 million gallons/day)
Share of U.S. Oil Consumption for Transportation
72%
U.S. Total Petroleum Exports
2,024,000 barrels/day
Federal Motor Gasoline Tax
18.4 cents/gallon
U.S. Average Home Heating Oil Price
$2.39/gallon (excluding taxes)
Number of U.S. Operable Petroleum Refineries
148
Top U.S. Petroleum Refining States #1 — Texas 4,681,519 barrels/day
U.S. Proved Reserves of Crude Oil as of December 31, 2008
19,121 million barrels
U.S. Strategic Petroleum Reserve
727 million barrels (2009)
Total World Oil Production
84,365,095 barrels/day
Total World Petroleum Consumption
84,249,000 barrels/day

* But never thought to ask!