The U.S. crude production is estimated to reach 7.4 million bbl/d this year and 8.2 million bbl/d in 2014 according to EIA. However gasoline consumption alone is projected to be 8.68 million barrels per day. When other products of crude oil such as jet fuel are added the daily consumption far exceeds production making the …
The U.S. topped the list of oil importing countries based on 2011 data as shown in the graphic below: Click to enlarge Source: Should the U.S. Expand Offshore Oil Drilling?, The Wall Street Journal, April 12, 2013 Here are some interesting facts from the EIA site: The U.S. was a net importer in 2011 and imported …
Crude oil and natural gas production in the U.S. has strongly rebounded in the past few years according to an article by Thomas Helbling in the latest edition of IMF’s Finance & Development magazine. As a result, natural gas prices are at a 20-year low. But gasoline prices have not followed natural gas prices and have …
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According to the BP Statistical Review of World Energy 2012, Venezuela has the most proven oil reserves in the world. The country is estimated to have reserves of about 297 billion barrels followed by Saudi Arabia at 265 billion barrels. Saudi Arabian crude is considered to be of high quality. Venezuelan crude oil is is extra-heavy crude and is of …
While most investors have been focused on the fall in Apple’s (AAPL) market capitalization in the past few weeks, another interesting development related to market caps took place today in the world of foreign oil companies. Ecopetrol (EC) of Colombia overtook Brazil’s oil major Petrobras(PBR) in terms of market capitalization despite Petrobras producing three times …
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