The petroleum industry operates on the
petroleum market. Petroleum is vital to nearly all other
industries, if not industrialized
civilization itself, and thus is critical concern to many nations. Oil accounts for a large percentage of the world’s energy consumption, ranging from a low of 32% for
Europe and Asia, up to a high of 53 or the
Middle East. Other geographic regions’ consumption patterns are as follows: South and
Central America (44%),
Africa (41%), and
North America (40%). The world at large consumes 30 billion
barrels (4.8 km³) of oil per year, and the top oil consumers largely consist of developed nations. In fact, 24% of the oil consumed in 2004 went to the
United States alone.
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