With summer approaching the price we pay at the pump goes up, happens every summer, most likely timed with when most people do a lot of traveling, vacations, family outings etc.
But why do we pay so much for fuel ?? I decided to look into this and found some surprising results -
**By Chris Matthews July 5, 2016
But why do we pay so much for fuel ?? I decided to look into this and found some surprising results -
**By Chris Matthews July 5, 2016
Saudi Arabia has long been synonymous with oil production, but the world’s largest crude exporter may not hold that title for long. According to a new analysis from oil and gas consulting firm Rystad Energy, the United States is the country with the largest volume of Oil Reserves, with Russia and Saudi Arabia coming in second and third, respectively. Rystad’s analysis includes oil in proven, existing fields, oil that has been discovered and will probably be recoverable, as well as an estimate for recoverable oil in as-yet discovered oil fields. More than 50% of the United States oil reserves come in the form of “unconventional shale oil,” with Texas alone containing 60 million barrels of this type of fossil fuel.
Oil Reserves by Country
Most likely estimate for existing fields, discoveries and yet undiscovered fields -
United States
Russia
Saudi Arabia
Canada
Iran
Brazil
Iraq
Venezula
Mexico
China
billions of barrels of oil
When Rystad applies more conservative estimates of proven oil reserves, the United States falls to fourth place, behind Saudi Arabia, Russia, and Iran with just 29 billion barrels of proved reserves. The difference between this figure and America’s potential capacity to extract 264 billion barrels, mostly through unconventional extraction methods, underscores the importance of new fracking technologies to the American energy future.
That said, the Rystad report also illustrates why it’s critical for the U.S. to focus on developing other, renewable forms of energy. “Rystad Energy now estimates total global oil reserves at 2092 billion barrels, or 70 times the current production rate of about 30 billion barrels of crude oil per year, the report reads. “This data confirms that there is a relatively limited amount of recoverable oil left on the planet. With the global car-park possibly doubling from 1 billion to 2 billion cars over the next 30 years, it becomes very clear that oil alone cannot satisfy the growing need for individual transport.”
In 2017, the United States exported about 6.3 MMb/d of petroleum to 180 countries. About 82% of total petroleum exports were petroleum products. The resulting net imports (imports minus exports) of petroleum were about 3.7 MMb/d.
The top five source countries of U.S. petroleum imports in 2017 were Canada, Saudi Arabia, Mexico, Venezuela, and Iraq.
** I think if we slowed way down on exports and used our own oil reserves we may see gas at or near $1 a gallon.. And to think printer ink, by volume, is more expensive than Oil, lets compare -
1 55 gallon barrel of Oil -- roughly $80
1 55 gallon barrel of printer ink -- roughly $5500
Guess we are very lucky vehicles don't run on ink !
That said, the Rystad report also illustrates why it’s critical for the U.S. to focus on developing other, renewable forms of energy. “Rystad Energy now estimates total global oil reserves at 2092 billion barrels, or 70 times the current production rate of about 30 billion barrels of crude oil per year, the report reads. “This data confirms that there is a relatively limited amount of recoverable oil left on the planet. With the global car-park possibly doubling from 1 billion to 2 billion cars over the next 30 years, it becomes very clear that oil alone cannot satisfy the growing need for individual transport.”
How much petroleum does the United States import and export?
Form US Energy Information Administration
In 2017, the United States imported approximately 10.1 million barrels per day (MMb/d) of petroleum from about 84 countries. Petroleum includes crude oil, natural gas plant liquids, liquefied refinery gases, refined petroleum products such as gasoline and diesel fuel, and biofuels including ethanol and biodiesel. About 79% of gross petroleum imports were crude oil.In 2017, the United States exported about 6.3 MMb/d of petroleum to 180 countries. About 82% of total petroleum exports were petroleum products. The resulting net imports (imports minus exports) of petroleum were about 3.7 MMb/d.
The top five source countries of U.S. petroleum imports in 2017 were Canada, Saudi Arabia, Mexico, Venezuela, and Iraq.
** I think if we slowed way down on exports and used our own oil reserves we may see gas at or near $1 a gallon.. And to think printer ink, by volume, is more expensive than Oil, lets compare -
1 55 gallon barrel of Oil -- roughly $80
1 55 gallon barrel of printer ink -- roughly $5500
Guess we are very lucky vehicles don't run on ink !
