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| Source: US Department of Energy, US Bureau of Economic Analysis, Thomson Reuters |
Showing posts with label oil industry. Show all posts
Showing posts with label oil industry. Show all posts
US Oil Consumption and GDP
The price of gas is climbing towards $5/gallon in the US and it's making all of us consumers leery about commuting to work, driving between places for vacation, or consolidating food runs to the grocery store. Here's an interesting graph about oil consumption and GDP.
The chart suggests that the rising price of oil isn't having much of an impact on continued economic expansion, at least according to analyst Theodore Gilliland of Fisher Investments.
Price of Oil Rises..
TV/radio commentators have been saying for a while now that civil unrest in Libya is causing oil speculators to drive up the price of oil. If only they used Wikipedia, or had access to data resources such as the CIA World Factbook to look up the top oil producing countries. For those of us without a subscription to the Oil & Gas Journal, this will have to do.
To put this into perspective, in 2008 Libya was the 18th largest oil producing country, a step behind the UK. Heck, I didn't even know the UK produced oil, but I knew the US did from prior research into this topic. Domestically we produce a tiny amount of oil, which is made into all sorts of petroleum products.
It's stupid. That's what it is. The average price of US regular gas has risen to about $3.50/gallon. Btw, there are 44 gallons to the barrel. You can do the math (plus tax) on how much it really costs us for gas. You may think that oil from the Middle East plays a big part in US crude oil consumption, but it really doesnt. The top two countries we import from are... get this: Canada and Mexico. The third is Saudi Arabia, and the rest of the list can be seen here.
To put this into perspective, in 2008 Libya was the 18th largest oil producing country, a step behind the UK. Heck, I didn't even know the UK produced oil, but I knew the US did from prior research into this topic. Domestically we produce a tiny amount of oil, which is made into all sorts of petroleum products.
It's stupid. That's what it is. The average price of US regular gas has risen to about $3.50/gallon. Btw, there are 44 gallons to the barrel. You can do the math (plus tax) on how much it really costs us for gas. You may think that oil from the Middle East plays a big part in US crude oil consumption, but it really doesnt. The top two countries we import from are... get this: Canada and Mexico. The third is Saudi Arabia, and the rest of the list can be seen here.
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