As Sgt. Joe Friday used to say, I’m going to drop the editorializing and give you just some facts.
Gals. of oil per barrel 42
U.S. Crude Production(2006, 2007 not available yet): 5,102,000 bbls. per day
U.S. Crude imports: 10,118,000 bbls per day
U.S. Product imports: 3,589,000 bbl per day
U.S. proven reserves of crude: 21,757,000,000 bbls
Days of demand if proven reserves only are used: This combines imports, domestic production, and finished product imports: 8 years@ a daily demand of 17,492,000 bbls per day( I netted out exports, even though for the life of me I don’t know why we would allow exports while we are filling the strategic reserve) Also, one year has passed and until I see the numbers, I believe demand was up and the increase to reserves was nil.
Strategic Reserve: 689 million bbls This is 39 days at full demand
U.S. oil consumption for transportation, diesel and gasoline: 68%
U.S. Petroleum Exports: 1,317,000
U.S. crude from OPEC 5,517,000 bbls per day
U.S. finished product from OPEC: 733,000 bbls per day
U.S. imports from Canada: 1,802,000 bbls per day
Crude prices are based on the dollar. As the dollar drops in value other countries can buy more crude with less of their currency, thus driving up the price of imports to us.
Ethanol production is a drop in the bucket compared to these numbers.
Play with these numbers and see how good you feel about our situation.
