Crude oil is a fossil fuel existing in liquid form in underground pools or reservoirs, in tiny spaces within sedimentary rocks, and near the surface in oil or tar sands. It is formed from the remains of plant and animal life from millions of years ago — before the time of the dinosaurs. As millions of years passed, these organic remains were covered by layers and layers of sand, silt and rock. Heat and pressure transformed these remains into crude oil. Petroleum products derive from crude oil and other hydrocarbons contained in natural gas.
To put the United States oil and petroleum industry into some perspective, it is helpful to share some numbers and statistics.
- Petroleum production (crude oil, other petroleum liquids, and renewable fuels) in the United States was 14,283,000 barrels per day in 2017.
- Crude oil production in the United States was 9,355,000 barrels per day in 2017.
- U.S. crude oil importsin the United States was 7,912,000 barrels per day in 2017.
- Petroleum product imports in the United States was 2,163,000 barrels per day in 2017.
- Net petroleum imports in the United States was 3,732,000 barrels per day in 2017.
- United States dependence on net petroleum imports (net imports as share of product supplied) was 19% in 2017.
- Canada was the top crude oil import source in the United States in 2017, providing 3,421,000 barrels per day.
- Canada was the top petroleum import source in the United States in 2017, providing 4,023,000 barrels per day.
- Crude oil imports from the Organization of the Petroleum Exporting Countries (OPEC), an intergovernmental organization of fourteen member nations was 3,112,000 barrels per day in 2017.
- Petroleum product imports from the Organization of the Petroleum Exporting Countries (OPEC), was 248,000 barrels per day in 2017.
- The top crude oil producing state in the United States was Texas, which produced 3,514,000 barrels per day in 2017.
- Petroleum consumption in the United States in 2017 was 19,877,000 barrels per day.
- Motor gasoline consumption in the United States in 2017 was 391 million gallons per day.