| U.S. Oil Consumption | U.S. Oil Production |
|---|
Basic statistics
Daily U.S. Oil Statistics
| U.S. Crude Oil Production | 5,064,000 barrels/day |
| U.S. Crude Oil Imports | 10,031,000 barrels/day |
| U.S. Petroleum Consumption | 20,680,000 barrels/day |
| U.S. Motor Gasoline Consumption | 9,286,000 barrels/day* |
| U.S. Total Petroleum Exports | 1,433,000 barrels/day |
- 9,286,000 barrels = 390 million gallons
There are several interesting things that these data represent. They show that the U.S. imports about double the crude oil it produces each day. Also, the U.S. exports only about 14% of what it imports. The fact that petroleum consumption is over four times the amount of crude oil production highlights just how dependent the U.S. is on foreign oil.
U.S. Monthly Production for Oct. 2007-Sept. 2008
| Month | Production (Thousand Barrels) |
|---|---|
| Oct. 2007 | 156,333 |
| Nov. 2007 | 150,506 |
| Dec. 2007 | 156,742 |
| Jan. 2008 | 157,893 |
| Feb. 2008 | 148,275 |
| Mar. 2008 | 159,321 |
| Apr. 2008 | 154,867 |
| May 2008 | 160,159 |
| June 2008 | 153,272 |
| July 2008 | 158,401 |
| Aug. 2008 | 151,744 |
| Sept. 2008 | 118,805 |
These data are useful for comparison to the U.S. Monthly Import data on the U.S. Oil Consumption page. These data have only minor fluctuations. The largest fluctuation is between February 2008 and March 2008. This does not coincide with the fluctuations in oil imports. Therefore, the fluctuations in oil imports is likely a function of increased demand and not reduced production capacity. It is difficult to tell what the increased production in this period stems from. It is likely that it is due to an increase in prices.
Where U.S. oil goes
Top 5 Destination Countries for U.S. Oil
| Rank | Country | Annual Exports (Thousand Barrels) | % of Total |
|---|---|---|---|
| 1 | Mexico | 101,743 | 19.46% |
| 2 | Canada | 68,973 | 13.19% |
| 3 | Netherlands | 29,497 | 5.64% |
| 4 | Singapore | 25,760 | 4.93% |
| 5 | Japan | 19,730 | 3.77% |
| Total | 522,879 |
This ranking is useful in conjunction with the Top 5 Countries of Origin on the U.S. Oil Consumption page in determining how much of a dominance other countries have over the U.S. Mexico and Canada are the biggest suppliers of U.S. oil, but they are also the biggest importers of U.S. oil. The fact that Saudi Arabia and Venezuela are not present in this list demonstrates why they are focused on more in news about oil. They possess a dominance over the U.S., while Mexico and Canada simply engage in a lot of trade with the U.S.
Statistics were taken from EIA Website.
U.S. v.s the World
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The U.S. has only 2.2% of the world's oil reserves. This means that it probably will not establish a future oil dominance, while Saudi Arabia is sitting on a massive pool of oil and may continue to gain a more dominant position in the world oil market. The U.S. also produces about 11% of the world's oil while consuming about 26% of it. It has been able to do this thus far because it has been the most dominant nation in the world both politically and economically. However, now that the BRIC nations are catching up to the United States and it is becoming less dominant, it will face more competition for oil. The increased oil demand in other countries will make the U.S. oil situation worse and worse over time.
