The more we know, the more empowered we become. Please look at our Links section for the sources of these and many other facts on this issue.

 


Oil is denominated in dollars and sold on either the NYMEX or Londonís International Petroleum Exchange (IPE), both owned by Americans. Iran and other oil producing states are threatening to setup an exchange based upon the Euro. If that were to happen, hundreds of billions of dollars would come flooding back to the United States crushing the greenback and destroying the economy


According to the International Center for Technology Assessment, the true price of a gallon of gas should be between $5.60 and $15.14 per gallon when all factors are considered.


It took 125 years to use the first trillion barrels of oil. We'll use the next trillion barrels in 30 years. - Chevron.


The true cost of the IRAQ war will be between $1 and $2 trillion dollars, enough to fix Social Security for the next 75 years, two times over: Linda Bilmes, former assistant secretary of commerce and Joseph Stiglitz Nobel Prize winner in economics 2001 (LA Times 01/17/2006).


If China's economy continues to expand at its current pace, its income per person would equal the US by the year 2031. China's oil requirements would jump to 99 million barrels per day (current world production is 88 million barrels per day).


About 800 million automobiles now operate in the world. This number is expected to climb to 3.25 billion over the next 40 years due to economic development in China and India.


The Union of Concerned Scientists believes that light truck (SUV) fuel economy can be improved from 40-70% from today's (2005) levels.


1980s: South Africa achieves energy independence from petroleum using Fisher-Tropsch fuels produced through gasification of coal.


1977 STATEMENT OF ALICE M. RIVLIN, DIRECTOR CONGRESSIONAL BUDGET OFFICE BEFORE THE COMMITTEE ON ENERGY AND NATURAL RESOURCES UNITED STATES SENATE MAY 19, 1977 - The fact that almost one-half of the oil consumed in the United States is now imported creates national security risks and makes our economy highly vulnerable to outside shocks, especially because the supply and price of oil is largely dictated by an international cartel.


Between 1979 and 1983, the United States and other oil importing nations radically reduced their demand for OPEC oil through fuel efficiency, fuel switching and new production. In response, the total demand for OPEC oil fell by 13 million barrels per day, or 43 percent. Since that time, consumption in the US has increased 30%.


Petroleum accounts for 42% of total sources of energy in the US - hydro, solar and wind come in a distant 2% each.


One barrel of crude oil makes about 19 gallons of gasoline, 9 gallons of fuel oil, 4 gallons of jet fuel, and 11 gallons of other products.


US oil demand is 20.7 million barrels per day, 55-75% is imported (US production dipped below 5 million barrels in Sept 2004). Saudi Arabia supplies nearly 15% of US imports. For every 15 gallons of gas we pump, Saudi Arabia receives about $2.25.


Iraq has two of the top ten oil fields in the world at Rumaila and Kirkuk. Iran has three of the top ten.


The US is the largest importer of oil in the world at aproximately 15 million barrels per day. Japan is a distant 2nd at 5.6 million barrels per day


The US with 5% of the population consumes 45% of the gasoline produced on earth.


Average US passenger vehicle fuel economy, measured in miles per gallon, has dropped 8% since 1988.


We pay about 1/3 the price of gasoline as western European countries.


OPEC's eleven members collectively supply about 40 per cent of the world's oil output, and possess more than three-quarters of the world's total proven crude oil reserves


According to the World Energy Outlook (2004), there are sufficient oil resources in place to meet demand through 2030, provided sufficient investments are made


The United States government seriously contemplated using military force to seize oil fields in the Middle East during the Arab oil embargo 30 years ago, according to a declassified British government document made public this past January.


Transportation accounts for about 60% of all US petroleum demand. Industrial use is a distant 2nd at approximately 20%.


The United States produced enough oil to supply it's own demand until 1970. After the oil price collapse of 1985/1986, U.S. oil production declined dramatically. Oil production in 2000 is down by 24% from 1985.


The average car - including hybrids - consumes 90 barrels (or close to 4,000 gallons) of oil during its construction


ANWR (Alaska) contains 10 billion barrels of oil - or about the amount the US consumes in a little more than a year.


In late 1999, Dick Cheney stated: By some estimates, there will be an average of two-percent annual growth in global oil demand over the years ahead, along with, conservatively, a three-percent natural decline in production from existing reserves. That means by 2010 we will need on the order of an additional 50 million barrels a day


Global oil discovery peaked in 1962 and has declined to virtually nothing in the past few years. We now consume 4-5 barrels of oil for every barrel we find.


Congestion costs American commuters 4.5 billion hours of delay, 6.8 billion gallons of wasted fuel, and $78 billion in 1999, and the problem is getting worse.


Transportation Department estimates showed that a two-month extension in Daylight Savings Time would save the equivalent of 10,000 barrels of oil a day.


Customs data showed that China, the world's second biggest oil consumer imported 2.7 million barrels per day (bpd) of crude in March, a jump of 23 percent from the same month last year and up from an average 2.25 million bpd in January and February.


According to the American Trucking Association, the trucking industry burns about 650 million gallons of diesel fuel each week, over 30 billion gallons per year (a likely target for bio-diesel conversion).


Of the $7.6 Trillion in total Federal government debt outstanding at the end of 2004, approximately $4.4 Trillion was owed to the public (foreign and domestic) in the form of tresury bonds and T-bills. Of that $4.4 trillion, nearly half, $1.94 Trillion, was owed to non-Americans.