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Is crude oil vital for our economy?

Howard Lowe

The average US citizen considers crude oil vital for transportation and does not realize that large amount of this production is used for feedstock in the petrochemical industry. US total crude oil and natural gas liquid production as of December 30, 2021, was 13.4 million barrels per day. About 15% of the 13.4 million barrels becomes feedstock for the petrochemical industry.

Americans should be concerned about energy supplies, as well as the amount of crude oil and natural gas liquids available for manufacture of everyday products vital to maintaining our standard of living. America’s proven oil reserves (38.2 billion barrels) are minuscule when compared Venezuela (297 billion barrels), Saudi Arabia (268 billion barrels) and Canada (173 billion barrels). In short, our ability to maintain high production rates is temporary at best.