Lecture 5 – Oil (Part 2b)

Lecture 5 – Oil (Part 2b) - Lecture 5 Oil...

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Lecture 5 – Oil (Part 2b) Petroleum: Resources Resource – Any solid, liquid, or gas that can be recovered from earth’s crust Reserve – Any solid, liquid, or gas that can be economically and technologically recovered Petroleum: Reserves Rate of Petroleum production follows bell-shaped curve US Oil Production o Peak of Curve ~1970 Production of oil is decreasing but consumption is increasing, so US must import to make the difference Petroleum: World Reserves Changing Energy Sources o Wood to Coal to Oil to Natural Gas to Nuclear o All will have peaks and declines Reserves for Each Country o Saudi Arabia o National Iranian o Iraq o Kuwait OPEC production is mostly constant Petroleum: Extending Reserves Extending Reserves by using bacteria Petroleum: Transport Transportation of Petroleum around the World Ports needed to transport petroleum Petroleum: Environmental Impacts Exploration o Reservoir pressures are unknown raising possibility of
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Lecture 5 – Oil (Part 2b) - Lecture 5 Oil...

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