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Oil and Gasoline Fast Facts

By CNN Library
updated 10:41 AM EST, Sat January 18, 2014

(CNN) -- Here's a look at crude oil reserves and production around the world.

Facts:
Crude oil is a form of liquid petroleum, extracted from rock formations and used for fuel and other purposes.

Members of the Organization of the Petroleum Exporting Countries (OPEC) produce 44.5% of the world's crude oil, and possess more than 81% of the world's total proven crude oil reserves.

The 12 countries/members of OPEC: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela.

The following countries have the world's largest reserves of crude oil, according to OPEC. (as of 2012)

-- Venezuela - 297,740 billion barrels

-- Saudi Arabia - 265,850 billion barrels

-- Iran - 157,300 billion barrels

-- Iraq - 140,300 billion barrels

-- Kuwait - 101,500 billion barrels

-- United Arab Emirates - 97,800 billion barrels

Major non-OPEC oil producers include Russia, United States, China, Mexico, Canada, Norway, Ecuador and Brazil.

Production and Consumption in the U.S.:
In 2012, the United States produced about 6.5 million barrels of crude oil per day. The U.S. ranks third in the world in production, behind Saudi Arabia and Russia.

In 2012, the United States consumed 18.6 million barrels of petroleum products per day. The U.S. is the world's largest consumer of petroleum products.

About 40% of the petroleum used in the U.S. each year is imported. About 28% of this petroleum is imported from Canada.

U.S. dependence on imported oil peaked in 2005.

Records:
July 3, 2008 - U.S. light, sweet crude oil settles at $145.29 a barrel on the New York Mercantile Exchange, a new record closing high.

July 3, 2008 - U.S. light, sweet crude oil hits an all-time intraday high of $145.85.

September 22, 2008 - Oil prices experience the biggest one-day increase ever, settling up $16.37 to $120.92 a barrel.

Timeline:
1973-1974 - Due to U.S. support of Israel in the Arab-Israeli conflict, the members of OPEC decide to raise the cost of oil from $3/barrel to around $12/barrel.

October 1973 - OPEC issues an embargo against the U.S. and halts exports of oil to the U.S. Customers in the U.S. experience long lines at gas stations and at times cannot find gasoline at all. Gasoline prices go from 36 cents a gallon in 1972 to over 50 cents a gallon in 1973.

March 18, 1974 - At an OPEC meeting, seven members lift the ban on exports to United States. The countries are Algeria, Saudi Arabia, Kuwait, Qatar, Bahrain, Egypt and Abu Dhabi. Libya and Syria refuse to drop the ban and Iraq boycotts the talks.

December 31, 1974 - Libya lifts its 14-month-old oil embargo against the United States.

December 22, 1975 - U.S. President Gerald Ford establishes the Strategic Petroleum Reserve when he signs into law the "Energy Policy and Conservation Act." The law is created in response to the oil embargo of 1973-1974 and the severe effect it had on the U.S. economy. It mandates that the U.S. maintain a stockpile of one million barrels of petroleum, which is the largest emergency supply in the world.

July 3, 2008 - U.S. light, sweet crude oil settles at $145.29 a barrel on the New York Mercantile Exchange, a new record closing high.

July 3, 2008 - U.S. light, sweet crude oil hits an all-time intraday high of $145.85.

September 22, 2008 - Oil prices experience the biggest one-day increase ever, settling up $16.37 to $120.92 a barrel.

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