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Economic Snapshot

Wednesday, April 8, 2015

1. Average sales-weighted fuel economy is calculated based on the monthly sales of new cars, SUVs, vans, and pickup trucks and the miles per gallon (MPG) ratings listed on window stickers of these new vehicles. Monthly averages by model year (MY) show an increase in the average MPG rating of new vehicles purchased from October 2007 to January 2015.

2. Seven regions in the Lower 48 states produce most of the U.S. oil, with 95 percent of domestic oil production growth coming from these regions.

Region Thousand barrels/day*
Bakken 1,303
Eagle Ford 1,716
Haynesville 58
Marcellus 56
Niobrara 395
Permian 1,932
Utica 55

3. The demand for gasoline is relatively inelastic; consumption varies little even when gasoline prices change. This means that, in the short run, nominal prices (actual prices paid at the time of purchase) tend to have little effect on the miles traveled.

4. The United States, Saudi Arabia, and Russia are the top three oil-producing countries. Together they produce almost as much oil as the next 12 countries combined.

Top World Oil Producers, 2013 (Thousand barrels/day)
Country Production
United States 12,343
Saudi Arabia 11,702
Russia 10,764
China 4,459
Canada 4,074
United Arab Emirates 3,441
Iran 3,192
Iraq 3,058
Mexico 2,908
Kuwait 2,812
Brazil 2,694
Venezuela 2,689
Nigeria 2,372
Qatar 2,067
Angola 1,889

5. The United States is the world’s largest consumer of oil, using almost twice as much as China, the world’s second-largest consumer.

Top World Oil Consumers, 2013 (Thousand barrels/day)
Country Consumption
United States 18,961
China 10,303
Japan 4,531
Russia 3,515
India 3,509
Brazil 2,998
Saudi Arabia 2,968
Canada 2,431
Germany 2,403
South Korea 2,324
Mexico 2,044
Iran 1,870
France 1,767
Indonesia 1,635
United Kingdom 1,508

6. Texas and North Dakota produce almost half of the crude oil in the United States.

Crude Oil Production

7. The United States was the top contributor to global oil supply growth in 2014, while Iraq was next.