Conventional Oil Has Been The Bloodstream Of The World's Economy
1436 WordsDec 1, 20156 Pages
Conventional oil has been the bloodstream of the world’s economy since its exploitation in the mid nineteenth century, and every country that exports a great deal of oil hopes it remains that way. The production of oil has been traced to the decayed remains of animals and plants living in the ocean that absorbed energy from the sun and stored it as carbon molecules in their bodies. These living entities died millions of years ago, and over the years they became buried deeper and deeper under sediment and other living bodies. As the heat and pressure began to rise, some oil was produced. Once the oil formed, some became trapped in rocks while the rest managed to escape to the surface. The oil that made its way to the surface was the first…show more content…
Nonetheless, the countries that export a lot of oil will attempt to stabilize their economy by reminding the world’s population that they are very dependent on oil for producing electricity, consumer products, and fuel.
The use of conventional oil for producing electricity has begun to decline in recent years, but there are still many countries that depend on oil for electricity. There are three main technologies that are used to convert oil into electricity. These include conventional steam, combustion turbine, and combined-cycle technology. Conventional steam uses oil to heat water into steam which generates electricity. Combustion turbine burns oil under pressure to produce exhaust gases that turn a turbine to produce electricity. Combined-cycle technology is a combination of the former methods wherein the combustion of oil produces gases that spin a turbine then are collected to heat water into steam to drive a second turbine. These methods of producing electricity used to be extremely efficient, as one barrel of oil could extract, process, refine, ship, and deliver over one hundred barrels of oil. However, in today’s day and age, one barrel of oil is only able to produce an average of twenty barrels of oil, sometimes much less. Not only is the production of oil becoming less efficient, but scientists have realized that the processes involving oil are detrimental to the environment. The burning of oil as well as the drilling, transporting, and