Thought you knew everything about the oil and gas sector? Did you know that the word “petroleum” literally translates as “rock oil”? It stems from the Greek word “petra,” meaning rock, and the Latin word “oleum,” meaning oil.
Here are fifteen facts about the United States oil and gas industry you never knew.
- The United States has been producing oil and gas since the 1850s and 1820s respectively.
- John D. Rockefeller, who revolutionized and dominated the oil industry in the late 19th and early 20th century, had a net worth measuring $1.4 trillion (today’s dollars) at the time of his death.
- After Hurricane Katrina, the U.S. was forced to use 11 million barrels of its reserves because of the damage to the Gulf Coast
- As of 2018, it has the world’s ninth-largest oil reserves and fifth-largest natural gas reserves.
- Oil was first successfully drilled in the U.S. in Titusville, Pennsylvania, in 1859.
- Notably, the U.S. is both the world’s largest oil-consuming nation and the world’s largest natural gas-consuming nation, consuming nearly 919.7 million metric tons of oil in 2018 and 29.95 trillion cubic feet of natural gas in 2018.
- The Texas Oil Boom and the modern industrialization of oil production in the U.S. began with a major gusher at Spindle top on January 10th, 1901 near Beaumont, Texas.
- The states of Texas, Louisiana and California account for over half of all domestic refining capacity in America.
- Texas is the leading state in crude oil production with over 5 billion barrels in reserves.
- New York has the lowest per-capita energy consumption of any state.
- In 2009, the United States imported about 51% of the petroleum it consumed during that year.
- The U.S. has over 200,000 miles of oil pipelines within its borders.
- The ExxonMobil refinery in Baytown, Texas, is the largest-capacity refinery in the U.S. (560,640 barrels a day).
- 378 million gallons of gas are consumed in the U.S. every day.
- Oil consumed in the U.S. by driving is nearly two times that consumed by drivers in China and India combined.