Volume of Crude Oil Consumed in the US per Day
The US consumes 18 million barrels of crude oil per day (source: Google ). This is a staggering volume which is difficult to visualize therefore I have calculated how many football fields long each side of a cube that could hold that much oil would need to be in order to help with visualization. The result is that the cube would need to measure 1.29 football fields on each of the three sides in order to hold a day's worth of crude oil .
The second calculation compares the volume of oil traded to the volume of oil consumed. The result indicates the volume of oil traded is roughly 30 times the amount of oil consumed.
Note: the football field length of 360 feet includes the two end zones which are 30 feet long each.
This idea does not suggest any price direction but helps put things into perspective.
The second calculation compares the volume of oil traded to the volume of oil consumed. The result indicates the volume of oil traded is roughly 30 times the amount of oil consumed.
Note: the football field length of 360 feet includes the two end zones which are 30 feet long each.
This idea does not suggest any price direction but helps put things into perspective.