The Cost of Carbon Steel Corrosion in the Oil and Gas Industry [INFOGRAPHIC]
Roughly 85% of all steel produced in the U.S. is carbon steel.
From pipelines to construction materials, carbon steel forms the backbone of our nation’s manufacturing and civil infrastructures. So, when carbon steel starts to corrode, the financial impacts are substantial.
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Carbon Steel Corrosion Costs in the U.S.
- The total annual direct cost of corrosion is $276B
- That’s 3% of the nation’s Gross Domestic Product (GDP)
Cost of Corrosion by Industry
- Infrastructure: 16%
- Utilities: 35%
- Transportation: 22%
- Production and Manufacturing (includes oil and gas industry): 13%
- Government: 15%
Financial Impact on the Oil and Gas Industry
- There are 328,000 miles of natural gas transmission and gathering pipelines, 74,000 miles of crude gathering and transport pipelines, and 132,000 miles of hazardous liquid transmission pipelines in the U.S.
- It takes $7B annually to monitor and maintain all of these pipelines
- 80% are corrosion-related costs
- Other Oil & Gas Industry Corrosion Costs
- Natural gas utility distribution pipelines $5B
- Petroleum refining industry $3.7B
- Oil and gas production industries $1.4B
Corrosion is a huge financial burden for the oil and gas industry, but it doesn’t have to be.
Investing in proper corrosion control can help save billions of dollars in the long run.