The analysis shows that some of the poorest countries such as Mauritania, Moldova, Nicaragua, Sierra Leone and Togo are at risk amongst the most oil vulnerable economies, but other countries such as Bangladesh, Kenya, Rwanda and Zambia are also at risk.

Lower GDP is one of the factors accounting for the growing poverty despite substantial oil revenues. Nigeria was hard hit by the 2014 oil price collapse and its economic growth slowed from 6.3 percent in that year to 1.9 percent for the first quarter of 2018, Vanguard reports.

Japan ranks only behind the United States and China in both GDP and daily consumption of oil, but its proved reserves are essentially zero, compared with U.S. reserves of nearly 31 billion barrels and Chinese reserves of about 24.5 billion barrels.

United States

Oil can last up to 50 years, natural gas up to 53 years, and coal up to 114 years. Yet, renewable energy is not popular enough, so emptying our reserves can speed up.

Saudi Arabia is also the largest source of U.S. petroleum imports from Persian Gulf countries. About 10% of U.S. total petroleum imports and 12% of U.S. crude oil imports were from Persian Gulf countries in 2020.

In total energy consumption, the US was between 86% and 91% self-sufficient in 2016. As of 2014, the United States was the world’s third largest producer of crude oil, after Saudi Arabia and Russia, and second-largest exporter of refined products, after Russia.

The top five source countries of U.S. gross petroleum imports in 2019 were Canada, Mexico, Saudi Arabia, Russia, and Colombia.

Texas

As shown in the figure below, a little more than 19 gallons of gasoline and 10 gallons of diesel fuel are produced from a barrel of crude oil by U.S. refiners….Supporting Information.

About 69% of total U.S. crude oil production in 2019 came from five states: Texas (41.4%), North Dakota (11.6%), New Mexico (7.4%), Oklahoma (4.7%), and Colorado (4.2%). Texas is the largest producer of crude oil in the United States. In 2019, Texas produced 5,070,450 barrels per day.

Alaska ranks sixth behind Texas, North Dakota, New Mexico, California, and Oklahoma in daily oil production. Oil production in Alaska has dropped approximately 75 percent since hitting a peak of more than two million barrels per day (bpd) in 1988. North Slope production averaged 496,906 bpd in FY 2019.

Oil and the Texas Economy The boom has had the effect of lowering U.S. foreign imports of petroleum. A majority of the oil fields in the state of Texas originate from two formations, the Eagle Ford Shale and the Permian Basin.

40 percent

The United States is one of the largest crude oil producers The United States became the world’s top crude oil producer in 2018 and maintained the lead position in 2019 and 2020. U.S. oil refineries obtain crude oil produced in the United States and in other countries.

Oil reserves are found all over the world. However, some have produced more oil than others. The top oil producing countries are Saudi Arabia, Russia, the United States, Iran, and China. In the United States, petroleum is produced in 31 states.

1.7 million

In 2014, petroleum and natural gas were the two largest sources of energy in the U.S., together providing 63 percent of the energy consumed (oil provided 35 percent and gas 28 percent)….Service companies.