This art depicts 28,000 42-gallon barrels, the amount of oil consumed in the U.S. every two minutes (equal to the flow of a medium-sized river).
consider… Americans drive nearly 3 TRILLION miles per year. That’s about 820 trips… from the SUN to PLUTO and back.
consider… The U.S. consumes about 20 million barrels of oil products… a DAY!
consider… The U.S. consumes about 178 million gallons of gas… a DAY!
consider… The U.S. ranks 3rd in… Crude oil production.
consider… The U.S. has the Strategic Petroleum Reserve (SPR)… Which holds about a 60-day supply of emergency oil if all imports to the U.S. were suddenly and totally cut off. It is the largest emergency supply in the world. The SPR currently has approximately 727 million barrels of oil.
Factors that Drive Oil/Gas Prices… A. War. B. World events. C. Weather. D. Environmental standards – cleaner burning gas. E. Taxes. F. Gas station mark-up. G. Distance from oil refinery. H. Oil futures (betting on the future price of resources.) G. Oil companies. DUH! I. OPEC.
OPEC Organization of Petroleum Exporting Countries 13 Countries produce 40% of the world’s oil. Oil prices can change based on how much they want to supply.
consider… What would happen if there was a gas/oil shortage in the U.S. – We don’t have to – it already happened... in 1973
On October 16, 1973, OPEC announced a decision to raise the posted price of oil by 70%, to $5.11 a barrel. OPEC was upset by U.S. support of Israel, which many countries in OPEC had issues with. It looked a little something like….
this… this… this…
consider… Much of the oil we get now is the easiest to drill for – it’s closer to the surface. Geologists believe more oil lies deeper in the Earth, but it will be tougher to harvest, making it more expen$ive.