In reality, it is actually less than half, about 45%. I know people like to round up. Worldwide it is about 25%.
Quote:
Originally Posted by Vermilion Villager
See reply #26-27 for your short answer.
Most of the oil consumed in the US goes into a car tank in the form of gasoline. If you don't use it there is no market for it. I know this because we had this thing called a pandemic in 2019-2020 and oil was selling for -$40/bbl. That means they were paying you $40 just to take it. Thats the extreme, and we were not using oil because we didn't want to it was because the economy was in lockdown. However, it shows just how much oil is at the mercy of the consumer.
|