Petroleum Facts


ENERGY DENSITY

noun

the amount of energy stored in a given system or region of space per unit volume.

http://dictionary.reference.com/browse/energy+density

 

FEW TRANSPORTATION FUELS SURPASS THE ENERGY DENSITIES OF GASOLINE AND DIESEL

Energy density and the cost, weight, and size of onboard energy storage are important characteristics of fuels for transportation. Fuels that require large, heavy, or expensive storage can…learn more.   http://www.eia.gov/todayinenergy/detail.cfm?id=9991

DYK PETR fuel density gas:diesel

 

WHERE IS OIL PRODUCED? 

Crude oil is produced in 31 states and U.S. coastal waters. In 2012, 61% of U.S. crude oil production came from five states:

Texas (31%) , North Dakota (10%), California (8%), Alaska (8%), Oklahoma (4%)

As of 2012, about 20% of U.S. crude oil was produced from wells located offshore in federally administered waters of the Gulf of Mexico.

Although total U.S. crude oil production generally declined between 1985 and 2008, it has been increasing since 2008. More cost effective drilling technology has helped boost production, especially in North Dakota, Texas, and the offshore Gulf of Mexico.

Natural gas plant liquids (NGPL) are liquids that are separated from natural gas at processing plants and are important ingredients for manufacturing plastics and gasoline. Propane is the only NGPL that is widely used for heating and cooking. Production of NGPL fluctuates with natural gas production, but their share of total U.S. petroleum production has increased from 8% in 1950 to 27% in 2012.

In 2012, the United States relied on net imports (imports minus exports) for about 40% of the petroleum that we used.

About 100 countries produce crude oil and NGPL. The top five producing countries in 2012 and their share of total world production were:

Saudi Arabia (13%), Russia (12%), United States (12%), China (5%), Canada (4%) …source http://www.eia.doe.gov/energyexplained/index.cfm?page=oil_where

 

OVER HALF OF U.S. PETROLEUM NET IMPORTS COME FROM THE WESTERN HEMISPHERE

DYK PETR petroleum we produce US

read more about U.S. imports.  http://www.eia.gov/energyexplained/index.cfm?page=oil_imports

 

WHO KNEW? LIKE NATURAL GAS, U.S. CRUDE OIL PRODUCTION SOARING

Posted: January 24, 2014 by Ken Cohen

…Consider this: Since early 2011, U.S. oil production has jumped nearly 50 percent, from 5.4 million barrels per day to the current daily production rate of 8.1 million barrels

…How significant is that? America’s recent increase – not the total production figure, just the increase – is more than the daily production from major oil-producing nations like Venezuela, Nigeria, Kazakhstan, Angola, and Libya….continue reading

http://www.exxonmobilperspectives.com/2014/01/24/who-knew-like-natural-gas-u-s-crude-oil-production-soaring/

 

MOST OF THE PETROLEUM WE USE IS PRODUCED IN THE UNITED STATES

DYK PETR US protroleum imports2011

The United States consumed 18.8 million barrels per day of petroleum products during 2011, making us the world’s largest petroleum consumer (about 20% of world total). The United States is the world’s third largest crude oil producer, but only part of the Nation’s petroleum needs are supplied with crude oil and other liquids produced in the United States.  …learn more about this incredible turnaround.

http://www.eia.gov/energyexplained/index.cfm?page=oil_imports

 

HOW WE USE CRUDE OIL

The United States consumes more energy from petroleum than from any other energy source. In 2012 total U.S. petroleum consumption was 18.6 million barrels per day, or 36% of all the energy we consumed.

DYK PETR petroleum products consumed 2012DYK PETR top 5 gas consuming states

…learn more   http://www.eia.doe.gov/energyexplained/index.cfm?page=oil_use

 

 

EIA PROJECTS WORLD ENERGY CONSUMPTION WILL INCREASE 56% BY 2040

Renewable energy and nuclear power are the world’s fastest-growing energy sources, each increasing 2.5% per year. However, fossil fuels continue to supply nearly 80% of world energy use through 2040. Natural gas is the fastest-growing fossil fuel, as global supplies of tight gas, shale gas, and coalbed methane increase.  …for more in-depth charts and reading.  http://www.eia.gov/todayinenergy/detail.cfm?id=12251

DYK PETR eia projects world consumption

 

 

U.S. CRUDE OIL PRODUCTION GROWTH CONTRIBUTES TO GLOBAL OIL PRICE STABILITY IN 2013 

JANUARY 9, 2014  Rising crude oil production in the United States contributed to relatively stable global crude oil prices in 2013, at around the same annual average levels of the previous two years. …read what significant events affected oil markets in 2013

U.S. highlights:   http://www.eia.gov/todayinenergy/detail.cfm?id=14531#tabs_SpotPriceSlider-2

Global highlights:  http://www.eia.gov/todayinenergy/detail.cfm?id=14531#tabs_SpotPriceSlider-2

 

OIL AND NATURAL GAS IMPORT RELIANCE OF MAJOR ECONOMIES PROJECTED TO CHANGE RAPIDLY

The 2014 Annual Energy Outlook projects declines in U.S. oil and natural gas imports as a result of increasing domestic production from tight oil and shale plays. U.S. liquid fuels net imports as a share of consumption is projected to decline from a high of 60% in 2005, and about 40% in 2012, to about 25% by 2016. The United States is also projected to become a net exporter of natural gas by 2018.

http://www.eia.gov/todayinenergy/detail.cfm?id=14691

 

HEAVY OIL RESOURCES OF THE ORINOCO OIL BELT, VENEZUELA

…The U.S. Geological Survey estimated a mean volume of 513 billion barrels of technically recoverable heavy oil in the Orinoco Oil Belt Assessment Unit of the East Venezuela Basin Province; the range is 380 to 652 billion barrels. The Orinoco Oil Belt Assessment Unit thus contains one of the largest recoverable oil accumulations in the world.  …read the complete story.

http://geology.com/usgs/venezuela-heavy-oil/

 

OIL: A BIG INVESTMENT WITH BIG TAX BREAKS

http://www.investopedia.com/articles/07/oil-tax-break.asp

 

ARCTIC OCEAN OIL AND NATURAL GAS POTENTIAL

The Arctic could hold about 22 percent of the world’s undiscovered conventional oil and natural gas resources.  …learn more.

DYK PETR arctic oil:gas  http://geology.com/energy/arctic-oil-and-gas-potential/

 

EAGLE FORD PRODUCTION INCREASINGLY TARGETS OIL-RICH AREAS

Most wells now being drilled for hydrocarbons produce a mixture of oil and natural gas. Relatively high oil prices and low natural gas prices make the oil-rich portions of reservoirs more desirable for production, and therefore increasingly the targets for the drilling of new wells. …look at the mapshttp://www.eia.gov/todayinenergy/detail.cfm?id=14951

 

OWNERSHIP OF U.S. PETROLEUM REFINERIES HAS CHANGED SIGNIFICANTLY SINCE 2000

Many refining companies changed substantially between 2000 and mid-year 2013. Some key themes are:

 

AMERICAS ARE AN IMPORTANT MARKET FOR LIQUID FUELS AND NATURAL GAS TRADE

In 2012, the countries of the Americas were the world’s second-leading producer and consumer of liquid fuels, and leading producer and consumer of natural gas.

DYK PETR americas market fuel trades  …read the major conclusions from this report.  

http://www.eia.gov/todayinenergy/detail.cfm?id=14811

 

ASSESSMENT OF UNDISCOVERED OIL RESOURCES IN THE DEVONIAN-MISSISSIPPIAN BAKKEN SHALE FORMATION, WILLISTON BASIN PROVINCE, MONTANA AND NORTH DAKOTA, 2008

Using a geology-based assessment methodology, the U.S. Geological Survey estimated mean undiscovered volumes of 3.65 billion barrels of oil, 1.85 trillion cubic feet of associated/dissolved natural gas, and 148 million barrels of natural gas liquids in the Bakken Shale Formation of the Williston Basin Province, Montana and North Dakota. …read the full story.   http://geology.com/usgs/bakken-formation-oil.shtml

 

EIA’S NEW MAP LAYERS PROVIDE MORE DETAILED INFORMATION ON PETROLEUM INFRASTRUCTURE

EIA’s State Energy Profiles and Energy Disruption pages have always included map layers for petroleum refineries, petroleum-fired power plants, and government stockpiles of crude oil (the Strategic Petroleum Reserve) and heating oil (the Northeast Home Heating Oil Reserve). EIA has now expanded these layers to include…continue reading.  http://www.eia.gov/todayinenergy/detail.cfm?id=13611

 

SHALE OIL AND SHALE GAS RESOURCES ARE GLOBALLY ABUNDANT

NATURAL GAS world shale gas resources  http://www.eia.gov/todayinenergy/detail.cfm?id=14431

 

Estimated shale oil and shale gas resources in the United States and in 137 shale formations in 41 other countries represent 10% of the world’s crude oil and 32% of the world’s natural gas technically recoverable resources, or those that can be produced using current technology without reference to economic profitability,   …see the full study here- new EIA-sponsored study

 

OFFSHORE DRILLING

Offshore drilling looks very different today, supplying about 13% of the Nation’s natural gas production and about 33% of its crude oil production. Drilling rigs can now operate in water as much as two miles deep. Some drilling platforms…continue reading.

http://www.eia.doe.gov/energyexplained/index.cfm?page=oil_offshore#tab2

 

STRATEGIC PETROLEUM RESERVE

The Strategic Petroleum Reserve (SPR) is the world’s largest supply of emergency crude oil. The federally-owned oil stocks are stored in huge underground salt caverns along the coastline of the Gulf of Mexico. …learn about it’s. 

ORIGINS- http://energy.gov/fe/services/petroleum-reserves/strategic-petroleum-reserve

CURRENT STATUS- http://energy.gov/fe/services/petroleum-reserves/strategic-petroleum-reserve

EMERGENCY DRAWDOWNS- http://energy.gov/fe/services/petroleum-reserves/strategic-petroleum-reserve

2011 IEA COORDINATED RELEASE- http://energy.gov/fe/services/petroleum-reserves/strategic-petroleum-reserve

PROGRAM PRIORITIES- http://energy.gov/fe/services/petroleum-reserves/strategic-petroleum-reserve

 

STRATEGIC PETROLEUM RESERVE QUICK FACTS AND FAQS

The Strategic Petroleum Reserve is a U.S. Government complex of four sites with deep underground storage caverns created in salt domes along the Texas and Louisiana Gulf Coasts. The caverns have a capacity of 727 million barrels and store emergency supplies of crude oil owned by the U.S. Government.  http://energy.gov/fe/services/petroleum-reserves/strategic-petroleum-reserve/spr-quick-facts-and-faqs