Release Date: December 2008
Next Release Date: December 2009  

• Tables and Figures
  
  
• Major Findings
• Financial Information
• Production
• Refining & Marketing
• About the Financial Reporting System Companies
• About Performance Profiles
• About the Financial Reporting System (FRS) Survey
• Market Overview
  
  
• Acronyms
• Financial Terms
• Glossary
  
  
  

Market Overview

1. Crude oil prices increased 11 percent (in constant 2007 dollars) to $67.04 per barrel in 2007, the highest level since 1981. Natural gas prices decreased 3 percent to $6.39 per thousand cubic feet in 2007. Petroleum product prices rose slightly more than the increase in crude oil prices (on a per-barrel basis).

2. World oil demand increased by 0.9 million barrels per day (mmbd) to 85.8 mmbd. The rate of increase has fallen each of the past 3 years.

3. Worldwide reserve additions replaced 95 percent of oil production in 2007. The U.S. reserve replacement rate in 2007 was 140 percent for oil.

4. U.S. petroleum product demand was essentially unchanged at 20.7 million barrels per day in 2007.

5. U.S. natural gas demand increased 6.5 percent in 2007 to 23.1 trillion cubic feet.

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