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DID YOU KNOW
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- ExxonMobil, the world's biggest oil company, announced that it earned more than $8 billion in the first three months of the year. (Source: NPR)
- "…the world currently uses roughly 75-80 million barrels of crude oil per day, of which the United States consumes about 20 million, or roughly one-quarter of the global supply." (Source: PBS, Extreme Oil)
- Conoco Phillips (announced) that it earned $3.3 billion during the first quarter of 2006. (Source: NPR)
- 69% of US Oil Consumption is used for Transportation. (Source: Energy Information Administration)
- Today, world oil production is close to capacity. Today?s spare capacity is estimated at 2 million barrels per day - less than 3% of demand.
- The United States holds just 3 percent of world oil reserves but consumes 25 percent of the world’s oil output and depends on importing oil from other nations in order to meet U.S. demand.
- 7 out of the 10 biggest companies in the world are oil companies.
- Although exploration technology has advanced significantly since 1897, geologists still have only about a 10% success rate in identifying new fields.
- The youngest barrel of oil is one million years old; a typical barrel is 40 million years older than that.
- "At 42 gallons per barrel, every person in the U.S., on average, consumes nearly three gallons of crude oil every single day." (Source: PBS, Extreme Oil)
Fool's Black Gold
All that glitters is not gold, or even “black gold”. While the impacts of oil are significant, the more important and irrefutable fact is that oil is a finite energy source that we are consuming at a rapid rate.
 The Earth's supply of reservoired crude oil is large but limited and it will not last forever. Nearly all of our prolific petroleum basins are believed identified, and most are partially to near-fully explored.
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