The U.S. and China each import one-half of their oil requirements, and together account for 35 percent of global petroleum consumption.
Seventy percent of our petroleum consumption goes to transportation -- 70 percent.
Cheap natural gas can also drag down the price of oil--albeit with a lag, since it takes a while to bring gas wells online or to convert some petroleum consumption to gas consumption.
James Gibbs, Frontier's chief, has no sympathy for Canadian producers that feel they're getting ripped off on the heavy crude his company buys, 50, 000 barrels a day (just under a third of its total petroleum consumption).
The Executive Order commits Federal agencies to lead by example toward a clean energy economy, and sets targets to reduce greenhouse gas pollution, increase energy efficiency, reduce fleet petroleum consumption, conserve water, reduce waste, support sustainable communities, and leverage Federal purchasing power to promote environmentally-responsible products and technologies.
The National Renewable Energy Laboratory estimates that the use of soybean B100, which is 100 percent biodiesel, in urban transit buses reduces net carbon dioxide emissions by 78 percent and reduces lifecycle petroleum consumption by 95 percent, which takes into account fuel required to cultivate crops, refine and transport the biodiesel.
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It is a negative side effect, if you will, of increased global economic growth that -- because of higher consumption of petroleum products, the price of oil goes up often.
While windmills cannot power cars directly, motor gasoline accounts for less than half of the consumption of petroleum products in America, so if wind reduces only non-vehicular use of petroleum it will still reduce reliance on petroleum products from the Middle East.
The Organization of Petroleum Exporting Countries cut its global demand forecast for 2008 for the fourth time this year, saying that consumption would continue to slow in 2009.
They include representatives of members of The Organization of the Petroleum Exporting Countries (OPEC), who argue they should receive compensation because of the impact reduced oil consumption would have on their economies.
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