March 15, 2008

2007 Petroleum Consumption



First let's look at domestic oil production.

2007 - 1,862,440,000 barrels
2006 - 1,862,259,000 barrels
2005 - 1,890,106,000 barrels
2004 - 1,983,302,000 barrels
2003 - 2,073,453,000 barrels
2002 - 2,097,124,000 barrels

The good news here is that domestic production actually went up for the first time in quite a few years.

Next let's look at petroleum imports.

2007 - 4,905,234,000 barrels
2006 - 5,003,082,000 barrels
2005 - 5,005,541,000 barrels
2004 - 4,811,104,000 barrels
2003 - 4,476,501,000 barrels
2002 - 4,208,538,000 barrels

We also will need to look at exports for each year as well.

2007 - 510,549,000 barrels
2006 - 480,561,000 barrels
2005 - 425,190,000 barrels
2004 - 383,636,000 barrels
2003 - 374,710,000 barrels
2002 - 359,077,000 barrels

Now to get an idea of just how much petroleum was used in each year, we need to add together domestic production and imports and subtract exports.

2007 - 6,257,125,000 barrels
2006 - 6,384,780,000 barrels
2005 - 6,470,457,000 barrels
2004 - 6,410,770,000 barrels
2003 - 6,175,244,000 barrels
2002 - 5,945,585,000 barrels

For the second year in a row the amount of petroleum consumed in this country went down. And although I am sure that there are many factors that caused the decrease, at least part of the credit should go to ethanol for lowering the amount of gasoline consumed.

The 11-month rise of 50,000 barrels a day in U.S. gasoline demand (more than half the size of a 98,000 barrels a day rise a year ago) appears to be made up entirely of higher ethanol - rather than petroleum - content in the fuel.

Ron Planting, manager of information and analysis at the American Petroleum Institute, the Washington, D.C.-based trade group, said the volume of ethanol blended into gasoline supplied to the market was up, while the volume of petroleum in the fuel was down in 2007.


Sources

Crude Oil Production
U.S. Imports by Country of Origin
Exports

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