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Oil Industry Research

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I am in the process of writing a 2000 word paper that provides an economic profile of the oil industry.

I am looking for a overview of the oil industry (economically), and also how the economy affects the success of the oil industry as well as how it can influence the industry in a negative way.

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1. An overview of the oil industry:
2. The US demand for oil was 20 million barrels per day in 2004.
3. 55-60 percent of the US oil consumption is imported at $50 billion or more per year.
4. The US trade deficit in 2004 was $46 billion per month of which $13.2 billion was oil imports.
5. Production of the world's largest producer, the one time USSR has declined almost 30% since 1988.
6. Saudi Arabia produces 9 million barrels per day and its production depends on OPEC quotas and prices.
7. The proven reserves of the world are about 1,293 billion barrels.
This material is taken from the website: http://www.energybulletin.net" ExxonMobil CEO Rex Tillerson's "state of the industry" address set the tone. "The good news is that abundant oil resources are available to meet the projected growth in demand. According to the U.S. Geological Survey, the earth was endowed with more than 3 trillion barrels of conventional oil. This estimate has grown steadily over the years as our industry has developed new and more sophisticated technologies to locate and produce these resources. If we add estimated 'frontier' resources, such as heavy oil and shale oil, this total rises to over 4 trillion barrels. The consequences of universal recognition our energy supplies are starting to slip are impossible to predict - but they are likely to be very, very bad. Thus, from the perspective of many, there is no need to face these inevitable consequences until the last possible moment -- keep the good times rolling" http://www.energybulletin.net

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