What Is A Barrel Of Crude Oil (bbl)
Unit of volume for crude oil and petroleum products. One barrel equals 42 US gallons or 35 UK (imperial) gallons, or approximately 159 liters or 9,702 cubic inches (5.6 cubic feet); 6.29 barrels equal one cubic meter and (on average) 7.33 barrels weigh one metric ton (1000 kilograms). One barrel of crude equals 5604 cubic-feet of natural gas, 1.45 barrels of liquefied natural gas (LNG), or about one barrel of gas oil. businessdictionary.com/definition/barrel-bbl.html
WHERE IS OIL PRODUCED?
Crude oil is produced in 32 U.S. states and in U.S. coastal waters. In 2018, about 68% of U.S. crude oil production came from five states:
-Texas (40.5%), North Dakota (11.5%), New Mexico (6.3%), Oklahoma (5%) and Alaska (4.5%)
In 2018, about 16% of U.S. crude oil was produced from wells located offshore in the federally administered waters of the Gulf of Mexico.
Although total U.S. crude oil production generally declined between 1985 and 2008, annual production increased from 2009 to 2015. Production declined slightly in 2016 and increased in 2017 and in 2018, reaching the highest amount on record in 2018. More cost-effective drilling technology helped to boost production, especially in Texas, North Dakota, Oklahoma, New Mexico, and Colorado.
The United States Produces Most Of The Petroleum It Uses
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The United States Produces A Large Share Of The Petroleum It Consumes, But It Still Relies On Imports To Help Meet Demand.
In 2017, the United States produced1 about 15.4 million barrels per day (MMb/d) of petroleum, and it consumed2 about 19.9 MMb/d. Imports from other countries help to supply the demand for petroleum. …learn more about this incredible turnaround>>
Share Of Imports From OPEC And Persian Gulf countries Has Declined, While Share Of Imports From Canada Has Increased
U.S. petroleum imports rose sharply in the 1970s, especially from nations that comprise the Organization of the Petroleum Exporting Countries (OPEC). In 1977, OPEC nations were the source of 70% of total U.S. petroleum imports, when the United States exported relatively small amounts of petroleum. OPEC nations, …>>
In 2017, about 17% of U.S. petroleum imports came from Persian Gulf countries. Saudi Arabia was the largest source of U.S. imports from Persian Gulf countries…>>
– U.S. reliance on petroleum imports has declined
– Petroleum imports include more than just crude oil
– The United States also exports crude oil and petroleum products
– Does the U.S. Energy Information Administration (EIA) know which companies purchase imported crude oil or gasoline?
EIA Projects Rise In U.S. Crude Oil And Other Liquid Fuels Production Beyond 2017
The U.S. Energy Information Administration projects that U.S. petroleum and other liquid fuels production, which in addition to crude oil and condensate production includes natural gas plant liquids derived from natural gas processing as well as biofuels and volume gain at refineries, is projected to grow from… >>
The oil price cases illustrate the effect of higher or lower global crude oil prices on U.S. production and use of petroleum. By 2030, the Brent crude oil spot price averages $49/b in the Low Oil Price case, $104/b in the Reference case, and $207/b in the High Oil Price case. In the High Oil Price case, increased energy efficiency, conservation, and fuel switching reduce projected consumption. The converse is true in the Low Oil Price case, where demand increases in response to low prices. In the High Oil Price case, the United States becomes a net exporter of petroleum and other liquid fuels by 2022….>>
Drilling Productivity Report
What you’ll find here… enlarge chart>>
– Oil and gas productions
– New well production per rig by region
– Production by region
– Individual reports on; Bakken, Eagle Ford, Haynesville, Marcellus, Niobrara. Permian and Utica
The Drilling Productivity Report uses recent data on the total number of drilling rigs in operation along with estimates of drilling productivity and estimated changes in production from existing oil and natural gas wells to provide estimated changes in oil and natural gas production for seven key regions. EIA’s approach…>>
Oil And Natural Gas Resources Of The Arctic
– An Enormous Undiscovered Resource
The area above the Arctic Circle is underlain by sedimentary basins and continental shelves that hold enormous oil and natural gas resources. Most of this area is poorly explored for oil and natural gas, however, the United States Geological Survey estimates that the Arctic contains approximately 13 percent of the world’s undiscovered conventional oil resources and about 30 percent of its undiscovered conventional natural gas resources.
This makes the Arctic…>>
-Arctic Oil and Natural Gas Resource Basins
–Jurisdiction of the Arctic
–Challenges of Oil & Gas Exploration in the Arctic
–Why Arctic Exploration is so Expensive
How Do Recent Gasoline Prices Compare With Historical Prices?
Two ways to compare recent gasoline prices with historical prices are by the nominal price or the real price. The price actually paid at the pump is the nominal price. The real price is the price that is adjusted to remove the effect of changes in the value of the dollar over time. Real prices usually reflect the value of the dollar relative to a base year. …>>