What is Oil?
It is liquid in nature and yellowish black in color.
Where is it found?
its usually found in underground areas called reservoirs (Water Supply).
What is the formation of Oil?
Oil and gas forms in sedimentary ocean basins. Dead plankton (organic plant and animal material) gets deposited together with mud, sand and other sediments. In this early stage the plankton/sediment layer is called sapropel. Through an increase in temperature the sapropel is converted into kerogen. Folding or faulting forms traps where oil and gas can accumulate in the pore space of a source rock below the trap otherwise it will escape to the earth's surface as seepage. The liquid or gas that forms is known as 'hydrocarbons’.
World consumption in 2012
According to the BP Statistical, Oil had the weakest global growth rate among fossil fuels for the third consecutive year. OECD consumption declined by 1.3% (530,000 b/d), the sixth decrease in the past seven years; the OECD now accounts for just 50.2% of global consumption, the smallest share on record. Outside the OECD, consumption grew by 1.4 million b/d, or 3.3%. China again recorded the largest increment to global consumption (+470,000 b/d, +5%) although the growth rate was below the 10-year average. Japanese consumption grew by 250,000 b/d (+6.3%), the strongest growth increment since 1994.
Top 3 countries consume the most Oil
1. United States
2. China
3. Japan
2. China
3. Japan
Why are these countries reliant on Oil?
Top 3 largest producers of Oil
1. Russia 10,730,000 bbl/day (12.65%)
2. Saudia Arabia 9,570,000 bbl/day (11.28%)
3. United States 9,023,000 bbl/day (10.74%)
2. Saudia Arabia 9,570,000 bbl/day (11.28%)
3. United States 9,023,000 bbl/day (10.74%)
What is the United States price per gallon?
3.547 dollars.