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Frequently Asked Questions – Crude Oil
Questions About Crude Oil...
Do we have enough oil worldwide to meet our future needs?
How dependent is the U.S. on foreign oil?
What are the differences between various types of crude oil prices?
How many gallons of gasoline does one barrel of oil make?
What are the products and uses of petroleum?
 
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 Learn More About Crude Oil!

Visit our Petroleum Basics 101 page to learn about crude oil and other petroleum-based fuels.

Textbook titled Petroleum Basics 101
 
 
Question: Do we have enough oil worldwide to meet our future needs?

Assuming that the world’s oil consumption in 2005 of about 27 billion barrels continues at the same level into the future, then the estimated world proved oil reserves at the end of 2005 of about 1,293 billion barrels of oil will last about 48 years.  If reserves do not change, but crude oil production increases according to EIA’s 2007 forecast, then about 40% of those reserves will remain in 2030.
Learn More: See EIA’s International Energy Annual for historical data on oil reserves and production and the International Energy Outlook 2007 for EIA’s forecast for energy supply and consumption to 2030.
Last updated: April 15, 2008
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Question: How dependent is the U.S. on foreign oil?

In 2007, about 58% of the petroleum consumed in the U.S. was imported from foreign countries.  Crude oil accounted for 83% of net petroleum imports and about 66% of the crude oil processed in U.S. refineries was imported.

The top five source countries and their percent share of U.S. total net petroleum imports were:
Canada (18%)
Saudia Arabia (12%)
Venezuela (11%)
Mexico (10%)
Nigeria (9%)
Learn More: Read Overview of U.S. Petroleum Trade, Petroleum Supply and Disposition, Crude Oil Supply and Disposition, and U.S. Net Imports by Country, EIA statistics on U.S. petroleum and crude oil imports, exports and consumption. (PDF)
Last updated: April 11, 2008
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Question: What are the differences between various types of crude oil prices?
Crude oils vary in price because they vary in quality. Other factors—the makeup of the oil or its market penetration—can also influence price. West Texas Intermediate and Brent Blend are two crude oils that are either traded themselves or whose prices affect other types of crude oil. The press and analysts often refer to the following crude oil prices: West Texas Intermediate, Brent Blend, Imported Refiner Acquisition Cost (IRAC), OPEC Basket, and the NYMEX futures.
Learn More: Pricing differences among various types of crude oil

Last reviewed: April 17, 2008
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Question: How many gallons of gasoline does one barrel of oil make?

One barrel (42 gallons) of crude oil, when refined, yields approximately 19.6 gallons of finished motor gasoline. The remainder of the barrel yields distillate fuel oil, residual fuel oil, jet fuel, and other products.

Learn More: Products made from oil
Last reviewed: April 17, 2008
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Question: What are the products and uses of petroleum?

The most common products from petroleum are energy products: gasoline, heating oil, and diesel fuel. Other petroleum products are: ink, crayons, bubble gum, dishwashing liquids, deodorant, eyeglasses, records, tires, ammonia, and heart valves.

A barrel of oil yields these refined products (percent of barrel):
47% gasoline for use in automobiles
23% heating oil and diesel fuel
18% other products, which includes petrochemical feedstock—products derived from petroleum principally for the manufacturing  of chemicals, synthetic rubber and plastics
10% jet fuel
4% propane
3% asphalt
(Percentages equal more than 100 because of an approximately 5% processing gain from refining.)
Learn More: Products made from oil
Last reviewed: April 17, 2008
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