Just how dependent are we on oil and gas?


Posted: 18th July 2018 08:38

In the United States, about 7.26 billion barrels of oil and gas were consumed in 2017, which breaks down to about 19.88 million barrels each day. That number is a .98% increase from 2016, but it's lower than the daily gas and oil usage from 2003-2007, when the daily rate of oil consumption exceeded 20 million gallons. Individually, we use about 2.5 gallons of oil daily. That translates to around 22 barrels each year. In comparison, the rate of oil and gas consumption worldwide is nearly 100 billion barrels each year! Of all the countries in the world, the United States consumes the most fossil fuels. After the United States, the two countries that consume the most oil are China and India. As of 2016, China's annual rate of gas consumption was about 12.4 billion barrels. In that same year, India's consumption rate was just under 5 billion barrels annually. Many factors influence our dependency on oil, including its price and availability. Following historic patterns, the availability and pricing of petroleum products is bound to fluctuate in the years ahead. But as of 2018, it's apparent that the economy is still heavily dependent on petroleum for transportation, electricity, heat, and more.
 
Uses of Oil
 
Each day, petroleum products are used for a variety of oil and gas services.Petroleum products include diesel fuel, gasoline, heating oil, and jet oil. The most common usage of oil in the US is gasoline. The daily rate of gasoline consumption in the US is about 391 million gallons. That accounts for nearly half of the country's total petroleum consumption! While gasoline is consumed year-round, the summer months typically account for the highest volumes of gasoline usage. Behind automobiles, the next largest petroleum-consuming sector is public transportation. In 2017, all types of public transportation derived 92% of their power from petroleum products.
 
What Factors Influence Oil Usage?
 
There are many factors that influence the nation's dependence on petroleum products. The distance people commute to work, the number of people in an area who commute to work, and the types of industries in an area are all factors that impact how much oil is consumed. An increasing awareness of environmental responsibility and the emergence of alternative sources of energy influences the amount of the nation's oil usage, too.
 
Other Sources Of Energy
 
In addition to petroleum, there are other sources of energy used in the United States. Natural gas and frac'ing are two other competitive sources of energy. Hydraulic fracturing, or “frac'ing,” is an energy extraction process where liquids are injected at high pressure into fissures and rocks beneath the earth's surface. Renewable energy, which is another class of energy, also supplies the United States with heat and electricity. Renewable energy consists of wind, solar, geothermal, hydropower, and biomass. As of 2015, renewable energy accounted for just under 10% of the country's energy supply. Hydropower produced the most amount of renewable energy at 25%. Renewable energy continues to grow as a source of energy, and its availability is expected to increase in the future.

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