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Economics. Oil. Prices. Comments. FactsMAIN FACTS ABOUT FUEL, OIL, PETROL(GASOLINE), DIESEL
Oil is made into many different products like for instance clothes, fertilizers, plastic bottles, pens and lot of other products. |
Saudi Arabia’s Ghawar oil field contains about 85 billion barrels of oil (the world’s largest). |
Texas has the largest oil reserve in the U.S. In fact, the state is responsible for one-fifth of all of the oil America produces. |
The U.S. has experienced 25+ oil spills (land or sea) in the past 10 years. That’s over 2 every year. |
Vegetable oils are made from plants, examples include sunflower oil, coconut oil, corn oil, peanut oil and palm oil. |
Crude oil is measured in barrels, which are each equivalent to 42 U.S. gallons. |
Petroleum is recovered mostly through oil drilling. |
Oil consumption is biggest in USA where daily consumption passes 19,5 million barrels. |
Crude oil is considered the "mother of all commodities" because of its use in the manufacturing of numerous products, including gasoline, synthetic fabrics, plastics and pharmaceuticals. |
More than 100 countries produce petroleum. Most of those countries produce both oil and natural gas |
Federal off-shore drilling areas in the Gulf of Mexico and off the coast of California produce about a quarter of all domestic crude-oil production. |
Oil can be found under ground in areas of rock that are porous and contain the oil within the rock itself. |
Oil tankers present great danger to sea pollution because of possible tanker accidents like it was infamous Exxon Valdez incident. |
The oil and natural gas that power our homes, transportation and businesses are found in small spaces (called “pores”) between layers of rock deep within the Earth. |
Most of the oil found in the ocean has oozed naturally from the ocean floor. |
OPEC OIL PRICE EXAMPLE - CHART, GRAPH
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