ConservativeINC

December 19, 2007

Where Does Our Oil Come From?

Filed under: Economics — admin @ 3:40 pm

Short answer: a lot of places.

The Financial Times has an interesting chart that shows who produces oil, who uses it, and who ships to whom.

Since we are Americans we’ll focus on America. According to this chart we consume 20,589,000 barrels a day, which is 24.1% of the world’s total consumption. We produce 6,871,000 barrels a day, which is 8% of the world’s total production. We have proven reserves of 29,900 barrels a day, which is 2.5% of the world’s total. We can refine 17,455,000 barrels a day, which represents 20% of the world’s total refinery capacity.

OIL

Of those 20,589,000 barrels a day we use we get 2,708,000 barrels (13.15% of our total consumption) from South and Central America, 2,302,000 barrels (11.18%) from Canada, 2,276,000 barrels (11.05%) from the Middle East, 1,917,000 barrels (9.31%) from West Africa, 1,700,000 barrels (8.26%) from Mexico, and 2,709,000 barrels (13.16%) from the rest of the world. That means we import 13,612,000 barrels (66.11%) everyday.

Of the 6,871,000 barrels a day we produce we export 371,000 barrels (5.4% of our total production) to South and Central America, 313,000 barrels (4.56%) to Europe, 255,000 barrels (3.71%) to Mexico, 154,000 barrels (3.71%) to Canada, 88,000 barrels (1.28%) to Japan, and 134,000 barrels (1.95%) to the rest of the world. Of our total production we export 1,315,000 barrels (19.14%) everyday.

These numbers aren’t exact (if you add the imports together with the production it is less than total consumption) but they’re pretty close. BigT

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