200 PETROLEUM TECHNOLOGY, ECONOMICS, AND POLITICS
The most convenient method and perhaps the most accurate is to
use the following criteria:
1. Refinery input
2. Refinery production
3. Product imports
4. Changes in inventory.
Using the data, it is possible to arrive at general conclusions
about the market demand and use of petroleum and petroleum
products. While the data may not be sufficient to the nearest ten
barrels of oil, the result will be a rage that can be used to differentiate between changes in market supply and demand over a given
period of time.
The market demand for crude oil is derived from the demand
for the finished products and, consequently, the industrialized
countries are the largest consumers of oil and the countries of
the Organization for Economic Cooperation and Development
(OECD) account for almost more than 60% of worldwide daily oil
consumption. It is not surprising that the developed economies
use oil much more intensively than the developing economies
with oil consumption in the United States being on the order
of 2.5 gallons per capita per day. Of course, average often bare
no relationship to reality and the oil consumption among the
high salaried multi-vehicle families will be as much as double
the average with an accompanying reduction in oil consumption
by lower-income single vehicle families. No-vehicle families,
being users of public transportation systems, will have the lowest daily per capita consumption of petroleum. Generally, the
United States uses more crude oil for the production of transportation fuels than for the production of fuels for heat and power.
However, the precise amount of crude oil used for the various
purposes varies from year-to-year, depending on weather and
economic activity.
In the years since the Arab Oil Embargo of 1973/74, transportation has been a major component of market demand. The
demand for non-transportation uses of oil, such as the production
of heating fuels, has also continued but not to the same extent as
gasoline. Overall, the transportation sector accounted for 49% of
world oil consumption in 2005 at 38.3 million barrels of oil equivalent (mboe) per day, up from a share of only one third in 1971
The most convenient method and perhaps the most accurate is to
use the following criteria:
1. Refinery input
2. Refinery production
3. Product imports
4. Changes in inventory.
Using the data, it is possible to arrive at general conclusions
about the market demand and use of petroleum and petroleum
products. While the data may not be sufficient to the nearest ten
barrels of oil, the result will be a rage that can be used to differentiate between changes in market supply and demand over a given
period of time.
The market demand for crude oil is derived from the demand
for the finished products and, consequently, the industrialized
countries are the largest consumers of oil and the countries of
the Organization for Economic Cooperation and Development
(OECD) account for almost more than 60% of worldwide daily oil
consumption. It is not surprising that the developed economies
use oil much more intensively than the developing economies
with oil consumption in the United States being on the order
of 2.5 gallons per capita per day. Of course, average often bare
no relationship to reality and the oil consumption among the
high salaried multi-vehicle families will be as much as double
the average with an accompanying reduction in oil consumption
by lower-income single vehicle families. No-vehicle families,
being users of public transportation systems, will have the lowest daily per capita consumption of petroleum. Generally, the
United States uses more crude oil for the production of transportation fuels than for the production of fuels for heat and power.
However, the precise amount of crude oil used for the various
purposes varies from year-to-year, depending on weather and
economic activity.
In the years since the Arab Oil Embargo of 1973/74, transportation has been a major component of market demand. The
demand for non-transportation uses of oil, such as the production
of heating fuels, has also continued but not to the same extent as
gasoline. Overall, the transportation sector accounted for 49% of
world oil consumption in 2005 at 38.3 million barrels of oil equivalent (mboe) per day, up from a share of only one third in 1971