Crude Oil Usage In The Usa
Discovery of crude oil and its products has been of great advantage to mankind. The human race has benefitted from crude products; gasoline or petrol, LPG, kerosene lubricants and asphalt. This natural resource has been of immense service to us. |
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However, one country that has utilized crude oil to the maximum is the Unites States of America. No wonder since the country is also the largest consumer of petroleum products. According to a 2005 report, an average of 386 million gallons of gasoline is used each day in America alone.
In comparison to other countries, petroleum prices are relatively low in spite of America being its highest consumer. But that is not to say that gas comes cheap there. This year June saw crude oil rates at US$1.07/litre, while 2007 was the year when America saw usage of oil rocket to the sky. Economists speculated that increase in prices of crude might lower its consumption this year. This July saw the costs of petrol reach a record high. And as predicted, the demand for crude did come down in America. For the first time, crude oil usage declined in 17 years.
Currently, Americans use 20 million barrels of oil everyday. Only 55% is exported. According to trade pundits, in twenty years from now, USA will be importing 70% of crude and consuming 28.3 million barrels of oil daily!
This is a shocking prediction especially keeping in mind the growing demand for crude worldwide. The alarming news is that the natural resources are depleting at a fast rate, while we are yet to find their alternatives.
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Since 1980s crude oil has seen a surge in its demand and prices worldwide. In the trade market, crude oil is sold in dollars and cents per barrel. Let us look at the current rate it enjoys in the market. 
