It may not be clear to many of us, but oil consumption could be an economic indicator that is important to us. Let’s look at some of the data available to us. One list based on different yearly estimates, lists the ranking of the top 10 in order: United States, China, Japan, India, Russia, Saudi Arabia, Brazil, Germany, South Korea and Canada.
“In 2010, world energy consumption of refined products increased 3.8%; which was the first increase since 2004.”
And if we observe the statistics, the trends will reveal that “Asia accounted for more than 40% of the overall increase in consumption.” It is clear that China is growing, as “demand for refined products surged by 12% due to increasing needs.”
Where are the trends pointing to in the next 5 years? “In the next five years, almost half of global oil demand growth will come from China, and this trend is set to continue to 2040, as oil demand from the transportation sector is growing strongly in countries such as China and India.”
The International Energy Agency Report for 2016 indicates the following:
“For 2016, the IEA Oil Market Report forecasts worldwide average demand of nearly 96 million barrels of oil and liquid fuels per day – that works out to more than 35 billion barrels a year. Production breached 97 million barrels per day in late 2015.”
Oil Consumption by state will show that the top 5 states are Texas, California, Florida, New York, and Louisiana.
Refund programs are offered from states, city governments and utrilities in diffeing quantities.