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Oil and Gasoline Fast Facts

Here's a look at crude oil reserves and production around the world.Facts: Crude oil is a form of liquid petro...

Posted: Jan 30, 2018 2:41 PM
Updated: Jan 30, 2018 2:41 PM

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 about 44.1% of the world's crude oil, and possess almost 81.5% of the world's total proven crude oil reserves, according to OPEC and US Energy Information Administration data.

The 14 countries/members of OPEC: Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, 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 the US Energy Information Administration (as of 2016):

-- Venezuela - 300 billion barrels

-- Saudi Arabia - 267 billion barrels

-- Canada - 171 billion barrels (non OPEC country)

-- Iran - 158 billion barrels

-- Iraq - 143 billion barrels

-- Kuwait - 102 billion barrels

-- United Arab Emirates - 98 billion barrels

-- Russia - 80 billion barrels (non OPEC country)

-- Libya - 48 billion barrels

-- Nigeria - 37 billion barrels

Production and Consumption in the US: In October 2017, the United States produced about 9.6 million barrels of crude oil per day.

The United States leads the world in total petroleum production, ahead of Saudi Arabia and Russia in 2017.

The United States consumed an average of 19.53 million barrels of petroleum products per day in 2016.

The United States is the world's largest consumer of petroleum products.

In 2016, about 25% of the petroleum used in the United States was imported. About 38% of this petroleum is imported from Canada.

US dependence on imported oil peaked in 2005.

Records: July 11, 2008 - Oil prices hit a record high of $147.27 a barrel before settling at $145.08 at the end of the day.

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 US 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 that halts exports of oil to the United States. Americans 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 - US 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 economy. It mandates that the country maintain a stockpile of one million barrels of petroleum, which is the largest emergency supply in the world.

2013 - The United States imports less foreign oil than it produces for the first time in nearly two decades.

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 604052

Reported Deaths: 7616
CountyCasesDeaths
Hennepin1248161773
Ramsey52466895
Dakota46797470
Anoka42724458
Washington27406291
Stearns22552224
St. Louis18134312
Scott17544135
Wright16405148
Olmsted13390102
Sherburne1200195
Carver1066148
Clay825692
Rice8187110
Blue Earth762443
Crow Wing681494
Kandiyohi667585
Chisago619652
Otter Tail585684
Benton582998
Goodhue483474
Douglas475381
Mower470733
Winona461151
Itasca459263
Isanti439964
McLeod430161
Morrison424362
Nobles407950
Beltrami407561
Steele397616
Polk389072
Becker386555
Lyon363853
Carlton352756
Freeborn346932
Pine335023
Nicollet331045
Mille Lacs311454
Brown307840
Le Sueur297225
Cass286032
Todd285632
Meeker263142
Waseca238023
Martin235032
Roseau211021
Wabasha20783
Hubbard196241
Dodge18773
Renville182446
Redwood176338
Houston174616
Cottonwood167124
Wadena162823
Fillmore157410
Faribault154319
Chippewa153938
Pennington153820
Kanabec146828
Sibley146810
Aitkin138737
Watonwan13579
Rock128719
Jackson122612
Pipestone116626
Yellow Medicine114920
Pope11296
Murray107010
Swift106918
Koochiching95117
Stevens92411
Clearwater89116
Marshall88817
Lake83120
Wilkin83112
Lac qui Parle75622
Big Stone6044
Grant5938
Lincoln5843
Mahnomen5669
Norman5479
Kittson49022
Unassigned48093
Red Lake4017
Traverse3765
Lake of the Woods3453
Cook1720

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 370840

Reported Deaths: 6048
CountyCasesDeaths
Polk58221639
Linn21202339
Scott20303247
Black Hawk16106312
Woodbury15237230
Johnson1461485
Dubuque13505211
Dallas1128899
Pottawattamie11219174
Story1071148
Warren583791
Clinton561493
Cerro Gordo553693
Sioux516974
Webster515194
Muscatine4878106
Marshall486576
Des Moines467271
Wapello4337122
Buena Vista426940
Jasper420972
Plymouth402881
Lee382356
Marion366076
Jones300857
Henry294237
Bremer288161
Carroll286752
Boone268434
Crawford268240
Benton259655
Washington256951
Dickinson249444
Mahaska232352
Jackson225242
Clay216627
Kossuth216166
Tama211871
Delaware210943
Winneshiek198135
Page194522
Buchanan193433
Cedar192223
Hardin187544
Fayette186543
Wright185840
Hamilton181851
Harrison180073
Clayton171057
Butler166135
Madison164619
Mills163724
Floyd163242
Cherokee159438
Lyon158841
Poweshiek157036
Allamakee152752
Hancock150234
Iowa149824
Winnebago144431
Cass139155
Calhoun138913
Grundy137133
Emmet135841
Jefferson133535
Shelby131537
Sac130920
Union129935
Louisa129649
Appanoose129049
Mitchell126643
Chickasaw124717
Franklin123323
Guthrie123132
Humboldt119526
Palo Alto113523
Howard104922
Montgomery103638
Clarke100924
Keokuk96432
Monroe96230
Unassigned9540
Ida91535
Adair87332
Pocahontas85822
Davis85225
Monona82931
Osceola78916
Greene78011
Lucas77923
Worth7598
Taylor66812
Fremont6269
Decatur6169
Ringgold56324
Van Buren56318
Wayne54423
Audubon53511
Adams3444
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