Oil Energy Facts

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Oil Energy Facts

Facts on consumption:

  • U.S.A. consumes most of the oil produced. U.S.A. uses a maximum of 20 million barrels of oil per day.
  • Next comes European Union. European Union uses 13 million barrels of oil per day.
  • Saudi Arabia, Russia and the United States accounted for 34% of oil production in 2011. Saudi Arabia, Russia and Nigeria accounted for 36% of oil export in 2011. This shows the amount of oil consumption in U.S.A.

Facts on oil reserves

  • 75% of world’s oil reserves are present in the Middle East countries.
  • Based on data from OPEC at the beginning of 2013 the highest proved oil reserves including non-conventional oil deposits are in Venezuela (20% of global reserves), Saudi Arabia (18%), Canada (13%), and Iran (9%).
  • With a capacity of 727-million-barrels, the U.S. Strategic Petroleum Reserve is the largest stockpile of government-owned emergency crude oil in the world.

History of oil

  • Oil has been used for more than 5000-6000 years.
  • Oil was formed 300 million years ago.
  • Oil was first exploited in Roman province of Dacia, where it was called “picula”.
  • First known oil well was drilled in China in 347 A.D.

Facts on nicknames

  • Petrol has nicknames like “Texas tea” and “black gold”.
  • It is called black gold because the crude oil when extracted from the earth, is black in color and its economical factor gives it that name.
  • It is called Texas tea because Texas has the largest reserve in U.S.A. Texas is responsible for 1/5th of the oil that U.S.A. produces.

Facts on usage

  • Oil together with coal and natural gas supply about 88% of world’s energy needs.
  • 90% of vehicles are running on petrol.

Facts on production

  • More than 100 countries produce petroleum. Most of those countries produce both oil and natural gas; a few produce only natural gas.
  • Distillation is the process by which many by-products of crude oil are created. Various by-products are petrol, diesel, kerosene, natural gas, oil for lubrication.
  • Oil is not only used for production of these by-products but it is also helps in producing various items like clothes, plastic, chemicals etc.

Some other facts

  • Crude oil is a thick dark brown or greenish liquid.
  • Petroleum is actually measured in barrels. A barrel contains 158.9873 liters.
  • Petroleum holds for about 40% of primary energy we are using today.
  • 45% of crude oil contains only gasoline.
  • Petroleum is Latin for “rock oil” because the oil is obtained from beneath the rocks.
  • The technology of finding oil has even incorporated 3D visualization tools from Microsoft’s Xbox game console! The system will help geoscientists examine and interact with 3D models of the Earth.
  • Shallow offshore wells or deep onshore wells can cost more than $15 million each to drill!

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