Beyond Gas: Oil is "Lifeblood" of U.S. Economy
Less than 46% of each barrel of crude oil gets processed into "finished motor gasoline" according to the EIA. So what gets produced from the other 54% of each barrel of crude oil?
You can find the details here, but the list includes aviation and jet fuel, kerosene, lubricants, waxes, asphalt, dyes, athletic shoes, crayons, car tires, cosmetics, and plastics that are used in appliances, toys, flooring, computers, desks, carpeting, automobiles and medical equipment (syringes, artificial joints, prosthesis, catheters, hearing aids, artificial corneas, etc.).
As ExxonMobil's Ken Cohen concludes, "When some politicians, celebrities and even other companies talk about getting “off oil,” [MP: Or raising taxes on "Big Oil"] I hope they realize what that would really mean for our way of life – because it might make them think twice."
5 Comments:
"As ExxonMobil's Ken Cohen concludes, 'When some politicians, celebrities and even other companies talk about getting “off oil,'"
Note that Exxon's last major purchase was for natural gas reserves (XTO) and not oil reserves. Nat gas can substitute for oil in a lot of urban uses.
Buddy,
ExxonMobil remains a diversified energy company. The XTO reserves represents a significant purchase, but accounts for only about 12 percent of XOM's total reserves. Furthermore, XOM continues to develop significant petroleum reserves owned by others.
What point were you trying to make?
Jet B,
"Furthermore, XOM continues to develop significant petroleum reserves owned by others.
What point were you trying to make?"
My point was the substitution of nat gas for oil with relation to the XOM rep's statement. XOM is a great company but they are being questioned for not adding much to their own oil reserves. Why?
Buddy,
Exxon should be questioned for their short term failure to find more petroleum. But what does that have to do with Ken Cohen's point that the U.S. will not any time soon end its dependence on crude oil?
Exxon should be questioned for their short term failure to find more petroleum.
Why? Don't you think that Exxon is trying to find oil? And don't you think that it would find more if the idiots in the Obama Administration let the companies do what they do best?
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