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Oilheat Supply

How many people use oil? Where does oil come from? How much oil is produced in America? Is there enough oil to go around?

How many people use oil?

Oilheat keeps 9.5 million American households - and an estimated 24.5 million individuals - comfortable day in and day out. Here in New England, 30% of homes are heated with oil. And you will be glad to know that there's an abundant and safe supply of Oilheat to keep all of America warm and comfortable for many years to come.

How much of the U.S. oil supply is used for heating oil?

From every barrel of crude oil refined in the U.S., 1.38% is converted to heating oil, according to the U.S. Energy Information Administration.

How much of the U.S. oil supply is used for heating oil?

From every barrel of crude oil refined in the U.S., 1.38% is converted to heating oil, according to the U.S. Energy Information Administration.

Where does our oil come from?

Three of the top five countries we import oil from are Canada (our largest provider), Mexico, and Saudi Arabia. Eighty-five percent of our oil is refined in the United States.

Crude Oil Imports Top 10 Countries, 2006
_{Annual-Thousand Barrels per Day
Source: U.S. Dept. of Energy}

How much oil is produced in America?

There's plenty of oil right here in America: Thirty-one states have crude oil reserves, and the U.S. ranks third among top oil producers. Over 80% of our nation's oil reserves are concentrated in four states: Texas, Louisiana, Alaska and California.

Additionally, there are substantial crude oil reserves located in Federal Offshore fields: 5.1 billion barrels in the Gulf of Mexico and 566 million barrels in the Pacific.

Is there enough oil to go around?

Much of our domestic petroleum storage remains well protected in the Strategic Petroleum Reserve, established in 1975 by President Gerald R. Ford, to ensure a safeguarded, constant fuel supply. The Reserve has a capacity of 727 million barrels of crude oil that can be released by the President during emergency conditions, as President Bush did in 2005 following Hurricane Katrina. At 1 million barrels per day, the Reserve can release oil into the market continuously for nearly two years.

The United States also maintains the Northeast Heating Oil Reserve consisting of 2 million barrels of heating oil. Established within the last decade, the Northeast Heating Oil Reserve is to be used in case of supply shortages or delivery problems in nine states from Maine to Pennsylvania. Stored in multiple locations in the Northeast - one of which is located in New Haven, CT and holds 250,000 barrels - this heating oil can be released by the President if there is an actual disruption in supply, or when the price of heating oil increases rapidly compared to crude oil. It provides added insurance when demand peaks, but has never been called upon in its history.