7 Fascinating Facts on Oil and Gas Industry

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7 Fascinating Facts on Oil and Gas Industry

Even though our daily life strongly hinges on the oil and gas sector, many of us don’t know that much about the Black Gold realm. Here are some interesting facts – just to kindle your imagination!

Fact #1: The US Is Top Producer & Top Consumer Of Oil And Gas

Despite what you may think, neither Saudi Arabia nor Russia is the top producer of oil and gas on a global scale. The highest position on that list belongs to the USA with nearly 14 million barrels produced on a daily basis. With almost 1.9 million barrels per day, the United States also tops the list of the world’s largest consumers of oil.

Fact #2: Oil and Gas Companies Are Among The Most Generous Philanthropists

It’s not a secret, the world’s largest oil and gas companies are among the most generous donators to non-profit organizations. However, really fascinating is the fact that businesses of all sizes within the industry strive to support charity and contribute to their local communities through a wide variety of projects. 

For instance, Adam Ferrari, the founder and CEO of California-based Ferrari Energy can serve as a prime example of a philanthropist, supporting  Next Steps of Chicago, an organization dedicated to helping people that suffer from varying degrees of paralysis. Society definitely would like to see more people like Adam Ferrari also known for making donations to numerous non-profit organizations across his native Chicago and Denver. 

Fact #3: Texas Tea Is Not A Hot Drink

Texas tea is how oil is often called in the USA, which comes as no surprise given that Texas is in charge of delivering about 35% of all oil production. In addition to that, this state keeps one-third of the country’s total oil reserves.

Fact #4: Venezuela Has The Largest Oil Reserves

When it comes to available oil reserves, Venezuela is the champion with almost 300 billion barrels. It is followed by Saudi Arabia with 266,5 billion barrels and Canada with 171 billion barrels. For comparison, the US can brag of 33 billion barrels, which is also not bad, isn’t it?

Fact #5: Oil And Gas Industry Provides Nearly 10 Million U.S. Jobs

7 Fascinating Facts on Oil and Gas Industry

The oil and gas industry plays a very important role in the US economy, providing almost ten million jobs. By the way, it can brag of higher wages than the country average.

Fact #6: Oil Reserves Has Grown Over The Past Decade

While one would expect global oil reserves to go down following massive exploitation, the reality is quite different. In the past decade, global oil reserves have grown by a staggering 27% – of course, thanks to the advancement of modern technologies and skills of industry professionals.

Fact #7: Oil Makes 40% Of The Global Ocean Cargo

Well, this one is not really surprising but just completes the overall picture and shows how massive the industry is. Add a huge and complex infrastructure consisting of different businesses that rely on oil and it becomes crystal clear, black gold is not going to be crowded out by alternative energy sources in the near future.

These seven facts are just the tip of the iceberg, the oil and gas industry is full of surprises. Did you know that most of the world’s oil has no chance to be recovered?

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