Global Overview Of The Petroleum Industry

Oil production is crucial for humans. Overall, 33 out of 48 countries have now hit a peak in oil production, resulting that oil is going to hit a decline in production. This peak is in countries such as Mexico and Russia, potentially signifying the end of the Industrial revolution. However, oil itself is not running out, just the rich, thick oils, that are high quality. In the near future, the only oil that Earth will have will be thin, and not good enough to use in motor vehicles or for electricity. Additionally, cheap and easy to extract oil will be at a decline, and also oil will be in unaccessible places, or within dangerous areas. Oil production needs to stay at pace with the human demand.

It is estimated that 1.3 trillion barrels of oil reserve is left in the world’s major fields (Institution of Mechanical Engineers 2015). At present rates of consumption this will be enough oil to last approximately 40 years. By 2040, it is intended for production levels may be down to 15 million barrels per day which is approximately 20% of the amount of oil which is currently being consumed (Institution of Mechanical Engineers 2015). It is likely by the year 2040 that the world’s population will be twice as large (United States Census Bureau 2015). Additionally, it is likely that more of the world will be industrialized and therefore more dependent upon oil.

It is also used to make some chemical products, such as detergents and paints. Every country in the world uses oil, however, many countries do not produce it. The top Countries that produce a large quantity of oil in the world include China, Saudi Arabia, United Stated, and Russia, and the top countries that consume tons of oil every day include China, Russia, United States, Japan, and Germany. Some studies showed that by 2039, the world might face oil crisis due to the current rate of oil consumption (Oilprice, 2009).

The main usages of petroleum are bunker fuel, detergent, jet fuel, diesel fuel, heating oil, paint, photographic film, food additives, make up, medicine, and candles etc. Actually, the petroleum usages are very broad. If the country is experiencing oil shortage, everything must be very expensive. You may eat some food with food additives, which is a material from petroleum, in your stomach, even though you do not drive or travel around the world by airplanes. Moreover, petroleum has a lot of advantages to generate electricity. It is easy to transport and store because it is a liquid. Compared with natural gas, natural gas is hard to extract and store because it is gas. Natural gas requires higher technology to extract and store it. Moreover, the density of petroleum is higher than natural gas and coal. We can save more room to store petroleum. For government’s aspect, they may want to use some energy, which are stable and easy to store. Although the renewable energy is unlimited and eco-friendly, the costs of built and operate it are expensive. So, the fossil fuels are the best energy for us to use now. Peak oil crises affect our life, and we cannot find any energy to replace it.

Oil is one of the most important natural resources known to mankind. For most societies in the world, oil is the principal natural resource that fuels their economies. Then why, in this great age of communication and technology, do we need to be concerned about a natural resource like oil? Simple. Nearly 98% of everything you have or do is in some way related to crude oil. Heat for your home, gas for your car, 2 liter plastic bottles for pop, and petroleum jelly are just a few examples of products created from crude oil. The United States has the greatest standard of living in the world, as well as the largest economy. Why? Because we have always tried to maintain control over the supply, as well as price, of oil. Over the last 10 years, the U.S. economy has undergone the largest economic expansion in history and cheap oil has fueled this unprecedented growth. (Faulkner)

The book, Crude World: The Violent Twilight of Oil is a warning to the world about the great harms that have been imposed on people and the earth by our need and dependence on petroleum products. The story is much darker than most people know and Maass is hoping to change that.

In 2014, the United States within that year used about 7 billion barrels of petroleum products (a barrel in America being 42 US gallons means that we used roughly 294 billion gallons). In 2012, we consumed about 6.8 billion barrels (285.6 billion gallons) of petroleum products and over half of these barrels were imported from some part of the Western Hemisphere. Although our dependence on importing petroleum has been on a decline (since 2005) we are still the

The consumption of oil in the world is big and increasing. 85 million barrels of oil are consumed per day, which equals 40 thousand gallons per second and these figures are growing dramatically (Kuhlman, 2007). There are 33 out of 48 countries have reached the peak of oil production to supply our today’s industrial civilization (Kuhlman, 2007). Peak oil, which means

In the United States oil consumption is an everyday occurrence, for every citizen. Our country without oil would not be able to function properly within all aspects of life. Our political, transportation and economics systems would all encounter drastic affects if there were no oil to transform into petroleum. Due to our huge dependency on petroleum products, oil companies like British Petroleum (BP), Exxon Mobil, and Saudi Aramco hold extreme power over many countries and make billions off our need to live our daily lives. The extraction of oil from these companies are causing life altering effects for future generations, by causing major environmental complications. Each of the three main oil companies have experienced oil spills that were damaging to the environments around them and gain the global attention, because of the size of the oils spills and the lack of effort to accurately clean the spills.

Oil supplies thirty- four percent of the world’s energy needs. Oil is also a fossil fuel. This is because it is extracted from built-up organic material and fossils. Oil is mostly used as transportation fuel. It is also found found in many other products like fertilizers, makeup, paints, and fabrics.

Oil is used in many different ways besides gasoline. Many types of products worldwide consume oil. Plastics, rubber, tar, lubricates, asphalt, perfume and wax are just a few of the byproducts that come from oil. A barrel of crude oil, which is 42 U.S. gallons, will produce around

The New York Times article mentioned, that about 19 million barrels of oil are consumed by the transportation industry daily within

Americans depend on this resource because it is beneficial and works for us as an energy but it is not so beneficial to the citizens of the country health wise. Taking this shift is critical to the health and well-being of the citizens. Each year the health of 54,000 Americans is caused by the air pollution generated by power plants and oil refineries. Death can be caused by the pollution and by the particles from the oil in the air that we breathe. Besides the cons of the problems of oil in the atmosphere. Pros being the United States are ready to become the leading oil producer by 2015. The United States relied on the imports for about 40% of the oil in 2012. Half of those imports came from the Western Hemisphere. The United States depended on foreign oil since 2005 since then it has significantly declined. The United States produced 18.6 million barrels per day in oil products during 2012, making us the world's largest oil producer. The United States was third in crude oil production, in 2012; the U.S. had more than 30.5 billion barrels of proven oil reserves. America now uses oil in the oil refineries for energy to run cities. The U.S. has the most preserved oil than other continents in the world more than south

WRI Between 4 to 6 million tons of oil are discharged into the oceans every year"

Firstly, Upstream; which consists of oil exploration, extraction, shipping, and large-scale operations. Secondly, Downstream; which involves marketing, refining, development of modern technologies and retail operations. And finally, Chemical operations which includes the production of substances such as polyethylene, the most common plastic and polypropylene used for a range of things including underwear and rope .