ISSUES

What is the difference between oil reserves and oil resources? Answer

Finite Fossil Fuels

Very generally..most coal is used to generate electricity and to heat and power certain basic industries such as the coke and steel business. Most oil is used in the transportation sector as motor or engine fuel (including powering electrical generators in many locales), although much oil also goes into lubricants and petrochemicals, and the heavy fractions such as asphalt are used for road construction and the like. Most natural gas is used for space heating, with significant amounts also used for petrochemicals (including agricultural chemicals that enhance the production of food and fiber). And a not insignificant amount of natural gas is used for electricity generation.

We consume about 85 million barrels a day that exceedign supply in 2006 by about 0.5 mbd (OECD stats). Where is the Oil? according to the Institute of Petroleum - with basic history of oil prices etc, including Who uses oil.

Top World Exporters

US imports over a mbd from each of Canada (!), Saudi Arabia, Mexico and Nigeria.

Saudi Arabia - not quite the answer some think...