It is a massive understatement to say that the oil industry in the United States is huge. Many Americans take it for granted, not knowing that almost everywhere they look, there is evidence of the oil industry. And this is how it’s been for the past few centuries. Historians, as well as leading authorities in business and economics, call oil the “mother of goods.” A majority of the commodities used by the human race such as fuel, soap, plastic and rubber shoes, could not have been made without oil. Let’s take a look at some of the amazing facts on the oil industry.
|Image source: blurbpoint.com|
1. About 50% of the oil in the US is for transportation.
2. The states of Louisiana, California, and Texas account for over half of the oil in the US.
3. Texas leads all other states in producing oil. It has an astounding five billion barrels in reserves.
4. A single barrel of oil amounts to approximately 42 gallons. Among these 42 gallons, 19 goes to gasoline, 9 to diesel, 4 to jet fuel, 1.75 to heating, while the remaining 7 gallons are allotted to other commodities like tar and asphalt.
5. There are more than 200,000 miles of pipelines all over the country.
6. The US uses up almost 20 million barrels of oil a day. This is the most for any country. They however rank 11th in total oil reserves in the world with 21 billion barrels.
7. It’s absurd how the US uses 25% of the oil of the world, while Americans are only 4% of the world’s population.
|Image source: peakoil.com|