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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: 295001

Reported Deaths: 3535
CountyCasesDeaths
Hennepin624331107
Ramsey26238493
Anoka20851224
Dakota20527189
Stearns13245106
Washington13220111
St. Louis8141108
Scott798154
Wright720338
Olmsted639934
Sherburne552241
Clay473356
Carver443213
Blue Earth395813
Rice393335
Kandiyohi378719
Crow Wing344731
Nobles301429
Chisago29799
Otter Tail288820
Benton285847
Winona266629
Mower248523
Douglas242235
Polk238223
Morrison224027
Lyon206711
Beltrami202517
McLeod198511
Becker194015
Goodhue190628
Steele18336
Itasca179123
Isanti179016
Todd173912
Carlton170414
Nicollet154925
Freeborn14795
Mille Lacs145131
Le Sueur141111
Waseca135911
Cass133310
Brown131215
Pine12788
Meeker11638
Roseau11074
Hubbard107523
Martin105520
Wabasha9941
Redwood87518
Dodge8230
Chippewa8157
Watonwan8104
Cottonwood7942
Renville77322
Sibley7564
Wadena7476
Aitkin71729
Rock7149
Pipestone69618
Houston6534
Fillmore6510
Yellow Medicine61511
Pennington6137
Murray5623
Kanabec55713
Swift5448
Faribault5251
Pope5071
Clearwater4817
Stevens4813
Jackson4581
Marshall4508
Lake3916
Unassigned38659
Koochiching3675
Wilkin3605
Lac qui Parle3513
Lincoln3331
Norman3307
Big Stone2962
Mahnomen2834
Grant2566
Red Lake2033
Kittson2027
Traverse1391
Lake of the Woods941
Cook630

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 223783

Reported Deaths: 2330
CountyCasesDeaths
Polk33166333
Linn13991164
Scott1100384
Black Hawk10795134
Woodbury10255124
Johnson940036
Dubuque913491
Story674921
Dallas629057
Pottawattamie617069
Sioux366725
Webster357033
Cerro Gordo349644
Marshall346345
Clinton322840
Buena Vista302214
Muscatine282668
Des Moines282419
Warren276411
Plymouth270641
Wapello251571
Jones228413
Jasper214643
Marion202919
Lee199416
Carroll196422
Bremer192612
Henry18107
Crawford174115
Benton167418
Tama153340
Jackson143013
Delaware141021
Washington138214
Dickinson135810
Boone134811
Mahaska126127
Wright12226
Buchanan115410
Clay11504
Hardin114010
Page11144
Hamilton11009
Clayton10875
Harrison106629
Cedar106213
Calhoun10607
Kossuth10426
Floyd103916
Mills10297
Fayette102210
Lyon10188
Butler9916
Poweshiek98213
Winneshiek95812
Iowa93012
Winnebago91323
Hancock8547
Louisa84916
Grundy84611
Chickasaw8424
Sac8407
Cherokee8214
Cass80222
Allamakee79011
Appanoose77910
Mitchell7794
Humboldt7635
Shelby76111
Union7576
Emmet74924
Guthrie74115
Franklin73421
Jefferson7062
Madison6764
Palo Alto6474
Unassigned6470
Keokuk5777
Pocahontas5572
Howard5489
Greene5170
Osceola5171
Ida48113
Clarke4774
Taylor4603
Davis4548
Montgomery45011
Monroe43912
Adair4298
Monona4272
Fremont3553
Van Buren3545
Worth3540
Lucas3226
Decatur3160
Audubon2952
Wayne2957
Ringgold2082
Adams1652
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