M Long A6.Oil - ASSIGNMENT #6. Politics of Oil. Due Nov....

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ASSIGNMENT #6. Politics of Oil. Due Nov. 13. 1. In amount of petroleum reserves, the top three countries are Saudi Arabia, Canada and Iran (10). 2. In amount of petroleum production, the top three counties are Saudi Arabia, Russia and the United States (14). 3. What is the difference between reserves and production? Petroleum reserves are the amount of petroleum that are available for commercial use (10) while production refers to the quantity of crude oil actually extracted from these reserves (14). 4. In amount of petroleum export, the top three countries are Saudi Arabia, Russia and Norway (14). 5. In 2006, the United States used the most petroleum of any country in the world (14). 6. The following countries belong to OPEC, the Organization of Petroleum Exporting Countries: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela (12). 7. In amount of natural gas reserves, the top three countries are Russia, Iran and Qatar (8). 8. In terms of coal reserves, the top three countries are the United States, Russia and China (3). 9. Tar sands are naturally occurring mixtures of sand or clay, water and bitumen - a type of dense, viscous petroleum (11). 10. North American has a large amount of tar sand, especially in Canada and the US state of Utah (11). 11. Extraction and production of tar sand is difficult. The sands must be extracted by strip mining or made into wells by injection methods. The processes can use more water and energy than conventional oil extraction. The bitumen extracted from oil sands is also very difficult to transport and expensive to process into gasoline, diesel fuel and other products (11). 12. The 1973 oil crisis began when members of the Organization of Arab Petroleum Exporting Countries declared an oil embargo against the United States in response the US supplying of the Israeli military during the Yom Kippur war. It lasted from October 1973 to March 1974. Independently, OPEC raised the posted price of oil by 70% while OAPEC cut production 5% with plans to continue to cut in 5% increments. (1).
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13. Prior to the 1973 oil crisis, a barrel of oil cost $3.00 (15). 14. In 2008, oil prices peaked at $147.27 per barrel (13).
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M Long A6.Oil - ASSIGNMENT #6. Politics of Oil. Due Nov....

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