The U.S. has long dominated crude oil consumption around the world, as the insatiable need for the fossil fuel has long powered the economy. According to EIA estimates, the U.S. gobbles up around 18.9 million barrels of oil each day, or about 7 billion per year, the highest such figures in the world. While the nation may be close to supporting itself in terms of domestic oil production, it still will not change the fact that the U.S. relies more heavily on crude than any other country in the world [for more oil news subscribe to our free newsletter].
With all of the exorbitant spending needed to keep the U.S. afloat, we thought it would be fun to visualize just how much money is spent each day on this energy commodity. Assuming a price of $95 per barrel, the U.S. spends $1.795 billion each day on oil. In an effort to help our readers get a better grasp for just how large that figure truly is, we offer a visualization of America’s daily oil consumption.
The list includes everything from F-16 Fighter Jets and national debt, to Babe Ruth autographed baseballs and rounds at the coveted Pebble Beach golf course. Click here to take a look at the list and be sure to let us know if there is anything you would like to see added!
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Disclosure: No positions at time of writing.
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You don’t “spend” money on oil, you make money by using oil. It more than pays for itself. Duh.