Last Updated: September 13, 2013 The world oil market is complex. Governments as well as private companies play roles in moving oil from producers to consumers. Government-owned national oil companies (NOCs) control most of the proved oil reserves (85% in 2010) and current production (58% in 2010). International oil companies (IOCs), often well-known stockholder corporations, own the balance of the reserves and produce the remainder of the oil. Proved reserves are the amount of oil in a given area, known with reasonable certainty, that today’s technology can recover cost-effectively. Worldwide proved oil reserves are about 1.5 trillion barrels and production averages roughly 89 million barrels a day. Different types of oil companies operate differently There are three types of companies that supply crude oil to the world market. Each type has different operational strategies and production-related goals: International oil companies (IOCs), including ExxonMobil, BP, and Royal Dutch Shell are entirely investor-owned...

Last Updated: May 10, 2013 The United States relied on net imports (imports minus exports) for about 40% of the petroleum (crude oil and petroleum products) that we consumed in 2012. Just over half of these imports came from the Western Hemisphere. Our dependence on foreign petroleum has declined since peaking in 2005. The United States consumed 18.6 million barrels per day (MMbd) of petroleum products during 2012, making us the world's largest petroleum consumer. The United States was third in crude oil production at 6.5 MMbd. Crude oil alone, however, does not constitute all U.S. petroleum supplies. Significant gains occur because crude oil expands in the refining process, liquid fuel is captured in the processing of natural gas, and we have other sources of liquid fuel, including biofuels. These additional supplies totaled 4.8 MMbd in 2012. The United States imported 11.0 MMbd of crude oil and refined petroleum products in...

Last Updated: March 05, 2013 The current fleet of electric power generators has a wide range of ages. About 540 gigawatts, or 51% of all generating capacity, were at least 30 years old at the end of 2012. Trends in generating capacity additions vary by fuel type. 1 Source: U.S. Energy Information Administration, Form EIA-860 Annual Electric Generator Report , and Form EIA-860M (see Tables ES3 and ES4 in the January 2013 Electric Power Monthly ) Note: Data for 2012 are preliminary. Existing generators with online dates earlier than 1930 are predominantly hydroelectric. Data include non-retired plants existing as of year-end 2012; retired generators are excluded. This chart shows the most recent (summer) capacity data for each generator. However, this number may change over time, if a generator undergoes an uprate or derate . Which types of power plants are oldest? The current fleet of electric power generators has a wide...

Last Updated: December 5, 2012 Shale gas refers to natural gas that is trapped within shale formations. Shales are fine-grained sedimentary rocks that can be rich sources of petroleum and natural gas. Over the past decade, the combination of horizontal drilling and hydraulic fracturing has allowed access to large volumes of shale gas that were previously uneconomical to produce. The production of natural gas from shale formations has rejuvenated the natural gas industry in the United States. Does the U.S. Have Abundant Shale Gas Resources? Of the natural gas consumed in the United States in 2011, about 95% was produced domestically; thus, the supply of natural gas is not as dependent on foreign producers as is the supply of crude oil, and the delivery system is less subject to interruption. The availability of large quantities of shale gas should enable the United States to consume a predominantly domestic supply of gas...

Last Updated: April 27, 2012 The grid of electric power lines has evolved into three large interconnected systems that move electricity around the country. Standards have been developed by the electric power industry to ensure coordination for the linked operations. Challenges facing the power grid include getting approval for corridors of land for new transmission lines within states or that cross multiple states, and the financing and constructing of new transmission lines to assure continued reliability of our electricity supply. The Process of Transporting Electricity Getting electricity from power generating stations to our homes and workplaces is quite a challenging process. Electricity must be produced at the same time as it is used because large quantities of electricity cannot be stored effectively. High-voltage transmission lines (those lines between tall metal towers that you often see along the highway) are used to carry electricity from power generating stations to the places where...