Oil
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With increasing U.S. consumption, petroleum imports have increased. Thirty-four percent of the oil consumed in the U.S. is produced domestically, while the other 66 percent is imported (Figure 6). More than half of the world's oil reserves are found in the countries surrounding the Persian Gulf, principally Iran, Iraq, Kuwait, Saudi Arabia and Abu Dhabi. The U.S. has just less than 2 percent of the world's proven reserves. At current levels of consumption, the world's oil reserves are expected to last about 40 years. After that, the U.S. government estimates that it will not be economical to extract the oil that remains underground. Once removed from the well, crude oil is usually sent through a pipeline to a refinery, where it is chemically separated into gasoline, jet fuel, diesel, kerosene and other products. |
Figure 7
World petroleum consumption Source: U.S. Department of Energy Click on image to enlarge. |
