According to the CIA factbook nearly 77 million barrels of oil are consumed per day in the world. the USA leads with nearly 20 million barrels/day whereas India consumes about 2 mn barrels/day and china 5 mn bbl/day.
The estimated reserves, production and consumption of oil can be seen here
Oil is ofcourse used to produce petrol and diesel to power our automobiles like bikes, cars, trucks, buses, trains etc.. and kerosene to power the aeroplanes and for cooking purposes.
besides this oil is used to manufacture plastics, paints, engine oils, nylon, polyester, detergents, styrofoam, asphalt, cosmetics, printing inks, vaseline, fertilizers, chemicals etc..
No wonder Oil is called the Black gold. Our modern lifestyles are highly dependent on this resource.
But we will soon run out of it 😦
By the end of this decade oil production will start to peak and demand will continue to soar leading to higher oil prices and considering so many of our daily use products are oil extracts it could mean high prices all around. even food production depends on fuels and fertilizers made of oil.
oilcrash.com the Most significant effects of this will be:
1.Gradual, permanent cut-off of fuel for transport and for industrial machinery. Global trade will greatly decline.
2.Agriculture (massive food shortages) depends heavily on fertilizers and chemicals made from oil.
3.Shortages of 500,000 other goods made from oil.
Therefore, reduction of virtually all business and government activity. Very serious unemployment.
For a perspective on how important oil is in our daily lives read the article on
Life after the Oil Crash
In conclusion Oil is much more entwined into our lives than we even realize and once we run out of this resource or even if production drops by just 10-15% there will be a massive disruption of life as we have got used to.