American Petroleum Industry saw its initiation in the state of Pennsylvania of USA. The first drilling of a petroleum site was accomplished in this part of the world. The depth of the drilled site ranged to sixty nine and half feet.
American Petroleum Industry is considered to be the largest source of energy provider to the American economy. The use of petroleum based fuels in United States Of America exceed the coal or natural gas utilization by many a miles. The conversion of the crude form of petroleum to its usable and final form requires processing in the refineries. The products that come out of processing involve fuels of various kinds such as gasoline, diesel, kerosene, etc., coke, petrochemicals, etc.
Statistics say that
American Petroleum Industry has come up as the single most entity in producing usable petroleum products. The percentage share of the
American Petroleum Industry in the overall oil production comes out to be around 29 %.
In the United States Of America, it has been found out that the total number of refineries present amounts to a total of one hundred and fifty five only. If we stratify the manufacturing industry on the basis of energy consumption, then also it could be found out that
American Petroleum Industry is emerging as the largest energy consuming industry. The aspects that are associated with the pollution factor of the industry have come up as huge concern both for the society as well as the
American Petroleum Industry.
For the sake of maintenance of environmental standard, this industry is required to spend a lot of fund towards this end. In fact, during the 1999 fiscal it had been found out that
American Petroleum Industry was spending at the rate of five to six billion dollars on an yearly basis abating the pollution created during its production process.
All the refineries in USA are owned by a total of sixty companies among which some of the biggest players are Chevron, BP and Valero. The aggregated revenue of all the players in the
American Petroleum Industry amounts to a whooping one hundred and sixty billion US Dollars on an annual basis. The presence of concentration factor in the
American Petroleum Industry is very high where it has been found that the the top five companies involved in the refining process produce almost half the total capacity.