how much money was spent on oil last year



  1. 0 Votes

    If you mean in the US, 19.6 million barrels per day = 7.2 billion barrels per year, at around $75 per barrel = $537 billion. For the world, about 85 million barrels per day = 31 billion barrels for the year x $75 = $2.3 trillion. Oil is priced globally, so that cost reflects a global price. Note however that in many countries (such as Venezuela) the price for petroleum products is subsidized by the government so the cost to the consumer for gasoline would not reflect the actual price of oil.

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