Why Oil
- • Today, most of the energy consumed in the United States comes from fossil fuels — coal, petroleum, and natural gas, with crude oil-based petroleum as the dominant source of energy
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- • U.S. demand for oil is projected to reach 27 million barrels per day by 2020
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- • The U.S. consumes roughly 20.8 million of barrels of oil a day, making it the largest consumer of oil in the world
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- • The U.S. is the world's third-biggest oil producer
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- • United States crude oil production for 2009 is on target to have its biggest one-year jump since 1970, according to a Platts analysis of industry data
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- • As of December 31, 2007, the U.S. had proved crude oil reserves of 21.3 billion barrels
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- • Oil accounts for over 35% of the world's total energy consumption
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- • Over one-fourth of the crude oil produced in the United States is produced offshore in the Gulf of Mexico. The top crude oil-producing States are: Texas, Alaska,
California, Louisiana, and Oklahoma
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- • Products made from petroleum include: ink, crayons, bubble gum, dishwashing liquids, deodorant, eyeglasses, CDs and DVDs, tires, ammonia and heart valves
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- • Despite the recent economic downturn, growing demand for energy — particularly in China, India, and other developing countries — and efforts by many countries to limit access to oil resources in their territories that are relatively easy to develop is projected to lead to rising oil prices over the long term
