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.
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)|
|United Arab Emirates||3,441|
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)|
6. Texas and North Dakota produce almost half of the crude oil in the United States.
7. The United States was the top contributor to global oil supply growth in 2014, while Iraq was next.
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Fed in Print: An index of the economic research conducted by the Fed.