With the expansion of the shale oil industry through new methods of extraction like hydraulic fracturing and horizontal drilling, the United States has become less dependent on oil imports as domestic production has drastically increased. US Oil Consumption 803.61M mt for 2021 Overview. holds only around four percent of proved oil reserves, it currently accounts for the greatest share of global crude oil production, surpassing countries with far larger oil reserves such as Saudi Arabia. In depth view into US Oil Consumption including historical data from 1965, charts and stats. It has historically also been used as a source for electricity and heat generation, although to a lesser extent than other fossil fuels such as coal and natural gas. Oil is mainly used as a raw material for motor fuels or as a feedstock in the chemicals industry for products ranging from adhesives to plastics. The United States alone contributes strongly to this high regional demand in the Americas, as it is the country with the largest petroleum consumption in the world.
Apart from the years of the financial crisis and the 2020 coronavirus pandemic, oil consumption consecutively increased in every year since 1998.Īs a region, Asia-Pacific has the highest demand for oil in the world, followed closely by the Americas. This was an increase of over six percent in comparison to the previous year, when global oil consumption experienced a drop as a result of the pandemic-enforced mobility restrictions which, in turn, led to a decline in transportation fuel demand.
Production remained at that level for a couple of.
Oil consumption worldwide reached approximately 94.1 million barrels per day in 2021. In January 2020, just before the Covid-19 pandemic began to sweep across the U.S., domestic oil production was 12.8 million barrels per day (BPD).
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