CRUDE OIL forum: A few facts as of 4/21/2011
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| 1. There are 42 U.S. gallons to a "barrel" 2. The U.S. consumes 20 million barrels a day. Fifty percent is used for motor oil. Other uses include jet fuel, machinery, lubricants. 3. The U.S. imports more oil from Canada and Mexico than from the Middle East. 4. OPEC solely controls the price of crude. "There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle." --Albert Einstein ~ All Things Plants, SOUTHWEST GARDENING ~Cubits.org ENERGY & POWER |
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| 5. Exxon Mobile - the world's largest oil company - claims that for the last decade it has been discovering and developing crude oil resources at 90% the rate at which its oil resources are being depleted. It has also bought one or more very large natural gas production companies and has undertaken a large and expensive advertising campaign to convince the public that natural gas, produced in the US, is a viable replacement for oil. 6. "Peak Oil" - the concept that at some point we will run out of oil and that before that happens we will reach the maximum rate of oil extraction after which oil production will drop - is evidently upon us. A recent article in Science makes the claim credible. See also fact 5. 7. Oil is used predominantly as the source of energy for motorized transportation because of its high portability, high energy density, ease of extraction, and ease of deployment. By contrast, uranium and coal are the big fuels for electrical power generation. Some natural gas is used for peak power generation. 8. The original diesel engine was designed to run on vegetable oils. For some time up until the 1980s diesel fuel was less expensive than gasoline because it was considered a by-product of gasoline production. But because of its higher carbon content it has a higher fuel value per gallon than gasoline. Refineries were upgraded to crack heavier hydrocarbons into lighter ones and today the relative prices of diesel and gas are more in line with their fuel values. 9. The auto market in China has begun to approach the size of the market in the US, and inside 20 years Chinese will be driving more autos than Americans. http://news.bbc.co.uk/2/hi/business/6658583.stm 10. Items such as food and oil are called by economists "inelastic goods." This means that as shortages occur buyers tend to bid prices up very sharply. So if you think $4.00 per gallon gas is expensive, just wait ten or twenty years. Or else invest in businesses that turn natural gas into petroleum distillates. |
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| Steve, Thanks for continuing the "facts" thread! I hadn't really thought of it morphing like this but your idea is PERFECT! I find it most interesting re the XOM pro-action. I'm a shareholder and thought it beyond futuristic that they bought the natural gas enterprise. "There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle." --Albert Einstein ~ All Things Plants, SOUTHWEST GARDENING ~Cubits.org ENERGY & POWER |
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