The United States is one of the world’s largest consumers of gas and oil, using the natural resources to power homes, vehicles, and businesses. Recent fuel oil news has depicted the industry positively thanks to recent oil prices, which have been falling as of summer 2014. Due to this decrease in prices, many have considered heating a home using fuel oil systems as an economic and reliable source of power. The American fuel industry alone is responsible for hundreds of thousands of American professionals all around the globe. Here is the latest information regarding fuel oil news and why petroleum products may be a cheaper, more reliable alternative for energy.
United States Consumption
In recent years, the United States has increased its oil consumption significantly with 6.89 billion barrels of petrol consumed in 2013; the use in 2013 rose by 400,000 barrels per day with a daily draw of 18.9 million barrels that year. Around 89% of the nation’s energy in 2013 was produced by oil and fuel production companies. Today oil provides energy for 92% of transportation in the world, especially considering that 93% of cars and trucks consume gasoline. In the United States alone ships, planes, trucks, buses, motorcycles, and cars account for over 70% of the petroleum consumption for the nation. America literally runs on fuel oil.
Many viewers tune in the news every day to hear the latest fuel prices. With constantly fluctuating prices, who can blame them? Since their highest price of 2014 however, gasoline prices have been on a significant drop by over one dollar so far. With prices on oil finally stabilizing, there is a greater chance that prices can remain low and affordable so families can power their homes, vehicles, and companies with clean, efficient petroleum products.