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Oil: crude and petroleum products explained  

Crude oil and petroleum statistics

Data for the United States for 2018 (as of September 30, 2019) unless otherwise indicated. Units are in barrels per day (b/d), except where noted.

Supply
Petroleum production (crude oil, other petroleum liquids, and renewable fuels) 16,594,000 b/d
Crude oil production 10,990,000 b/d
U.S. crude oil imports 7,768,000 b/d
Petroleum product imports 2,175,000 b/d
Net crude oil and petroleum product imports 2,342,000 b/d
Dependence on net petroleum imports (net imports as share of products supplied) 11.4%
Top crude oil import source Canada—3,707,000 b/d
Top total petroleum import source Canada—4,292,000 b/d
Crude oil imports from OPEC 2,583,000 b/d
Petroleum product imports from OPEC 305,000 b/d
Top crude oil producing state Texas—4,408,000 b/d
Consumption and disposition
Petroleum consumption (product supplied) 20,504,000 b/d
Motor gasoline consumption 9,329,000 b/d (391 million gallons/day)
Transportation sector share of total petroleum consumption 69%
Total petroleum exports 7,601,000 b/d
Prices
Crude oil domestic first price (wellhead price) $61.40/barrel
Refiner acquisition cost of crude oil (composite) $64.38/barrel
Motor gasoline retail price (all grades) $2.813/gallon
Regular grade motor gasoline retail price $2.719/gallon
Premium grade motor gasoline retail price $3.341/gallon
Federal tax on motor gasoline 18.4 cents/gallon
Average state taxes and fees on motor gasoline 29.66 cents/gallon (as of July 1, 2019)
Federal tax for on-highway diesel fuel 24.40 cents/gallon
Average state fuel taxes and fees for on-highway diesel fuel 31.54 cents/gallon (as of July 1, 2019)
Refining and reserves
Number of operable petroleum refineries (as of January 1, 2019) 135
Largest refinery in distillation capacity (as of January 1, 2019) Port Arthur, Texas—Motiva Enterprises LLC
607,000 b/d
Top petroleum refining state (as of January 1, 2019) Texas—5,787,494 b/d
Proved reserves of crude oil (as of December 31, 2017) 39,160 million barrels
Strategic petroleum reserve crude oil stocks (as of December 31, 2018) 649,139,000 barrels
International
World total oil supply (2018) 100,833,000 b/d
World total petroleum consumption (2016) 97,104,000 b/d
Measures
Gallons (U.S.) of oil per barrel 42

Last updated: October 3, 2019