World

Oil and Gasoline Fast Facts

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Crude oil is a type of liquid petroleum, extracted from rock formations and used for gas and different functions.

The 13 nations/members of OPEC: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates and Venezuela.
The following nations have the world’s largest reserves of oil as of 2021, in keeping with the US Energy Information Administration:

— Venezuela – 304 billion barrels

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— Saudi Arabia – 259 billion barrels

— Iran – 209 billion barrels

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— Canada – 170 billion barrels (non OPEC nation)

— Iraq – 145 billion barrels

— Kuwait – 102 billion barrels

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— United Arab Emirates – 98 billion barrels

Russia80 billion barrels (non OPEC nation)

— Libya – 48 billion barrels

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— United States – 38 billion barrels as of December 2020 (non OPEC nation)

— Nigeria – 37 billion barrels

Production and Consumption within the US

In 2021, the United States produced about 11.185 million barrels of crude oil per day.
The United States leads the world in complete petroleum manufacturing, forward of Saudi Arabia and Russia in 2020.
The United States consumed a median of 19.78 million barrels of petroleum per day in 2021.

The United States is the world’s largest shopper of petroleum merchandise.

US dependence on imported oil peaked in 2005.

Records

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July 11, 2008 – Oil costs hit a file excessive of $147.27 a barrel earlier than settling at $145.08 on the finish of the day.

September 22, 2008 – Oil costs expertise the largest one-day enhance ever, settling up $16.37 to $120.92 a barrel.

Timeline

1973-1974 – Due to US assist of Israel within the Arab-Israeli battle, the members of OPEC determine to boost the price of oil from $3/barrel to round $12/barrel.

October 1973 – OPEC points an embargo that halts exports of oil to the United States. Americans expertise lengthy traces at fuel stations and gasoline shortages. Gasoline costs go from 36 cents a gallon in 1972 to over 50 cents a gallon in 1973.

March 18, 1974 – At an OPEC assembly, seven members elevate the ban on exports to United States. The nations are Algeria, Saudi Arabia, Kuwait, Qatar, Bahrain, Egypt and Abu Dhabi. Libya and Syria refuse to drop the ban and Iraq boycotts the talks.

December 31, 1974 – Libya lifts its 14-month-old oil embargo in opposition to the United States.

December 22, 1975 – US President Gerald Ford establishes the Strategic Petroleum Reserve when he indicators into regulation the “Energy Policy and Conservation Act.” The regulation is created in response to the oil embargo of 1973-1974 and the extreme impact it had on the financial system. It mandates that the nation keep a stockpile of 1 million barrels of petroleum, which is the biggest emergency provide on this planet.

2013 – The United States imports much less international oil than it produces for the primary time in almost twenty years.

2020 – The United States imports much less petroleum than it exports for the primary time in additional than seven many years.

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