declined as results of crude oil discovery and subsequent increase in production and exportation of crude oil (Edo (2013). The discovery of crude oil and appreciation of oil price in the World market some years ago leads Nigerian government to abandon all other means of revenue generations including agriculture, just to depend solely on crude oil revenue to finance most of her budgets. However, crude oil exports are no longer sustaining the economy due to current downturn in crude oil price. For instance…

liquids from each other. Part B – Separation of Crude Oil The process used to separate Crude Oil is fractional distillation. When crude oil is distilled other substances such as Kerosene, Gasoline and Diesel are extracted. The fractional distillation works in the same way as normal distillation except in this method there is a tall column with several condensers inside. The column works off the boiling point of the solution (in this case the crude oil), which turns the liquid into vapor. The liquid…

CRUDE OIL For the past month and a half I have researched and followed Crude Oil prices in order to gain a better understanding of exactly what this commodity is, how it is traded, how it effects our overall market as well as our everyday lives. During this time I’ve learned the importance of understanding how and why commodities are traded everyday and will share with you exactly what I have learned from my research. In 1859 Colonel Drake stuck oil for the first time and became the first man…

Crude Oil Price Forecasting Model Using Machine Learning Tapas Peshin1 and Nikolaos V. Sahinidis2 1Graduate Student, Department of Chemical Engineering, Carnegie Mellon University, Pittsburgh, USA tpeshin@andrew.cmu.edu 2John E. Swearingen Professor, Department of Chemical Engineering, Carnegie Mellon University, Pittsburgh, USA sahinidis@cmu.edu ABSTRACT The impact of oil price on the social, economic, political and many other aspects of human life is substantial. Oil exemplifies a vital…

Transporting Crude Oil by Rail: Overview of Policy Issues and Options By: Alicia Tighe Contents Overview 1 Timeline 2 Recent Activity 2 Policy Issues and Options 3 Oil spill response planning 3 Liability 4 Route planning and selection 4 Classification of hazardous materials 5 Tank car standards 5 Safety requirements and inspections 6 Emergency response notification requirements 6 First responder training and equipment 7 Overview A rapid increase in the transport of crude oil by rail will require…

as results of crude oil discovery and subsequent increase in production and exportation of crude oil (Edo (2013). The discovery of crude oil and appreciation of oil price in the World market some years ago leads Nigerian government to abandon all other means of revenue generations, including agriculture, just to depend solely on crude oil revenue to finance most of her budgets. However, crude oil exports are no longer sustaining the economy due to the current downturn in crude oil price. For instance…

SUPPLY & ELASTICITY OF CRUDE OIL SUBMITTED BY Group -5 Karan Chopra (2012137) Manik Grover (2012155) Manish (2012156) Nancy Pande (2012178) Nayan Sharma (2012182) Nitya Agarwal (2012188) Introduction Crude oil is a naturally occurring substance (i.e., “Fossil Fuel”, formed from organic remains over a period of millions of years) found in certain rock formations in the earth. It is a dark, sticky liquid which, scientifically speaking, is classified as a hydrocarbon. Crude oil is highly flammable and…

Final Project: Forecasting – Crude Oil The Critical Value of Crude Oil Prices Oil is the world economy’s most important source of energy and is therefore critical to economic growth. At its most basic level, the supply of crude oil is determined by the ability of oil companies to extract reserves from the ground and distribute them around the world. Its value is driven by demand for refined petroleum products, particularly in the transportation sector. Petroleum products power virtually…

does the price of oil and gas have on the economy? How does this affect the daily lives of the entire population? The preceding questions are the basis for the enclosed report. The primary objective of this report is to give a few reasons as to what causes prices of oil and prices of gas to rise. Among these reasons, speculation of things that may or may not happen, like a terrorist strike, is one of the leading factors. Another reason for the continued rise in prices of oil and gas is the constant…

Crude Oil Crude oil is a complex mixture of hydrocarbon molecules formed over millions of years when the remains of microscopic sea creatures trapped in sediments were converted by heat and pressure into crude oil. The most abundant of these mixtures are the ones containing hydrogen and carbon only. These hydrocarbons can take on a number of different forms, i.e. alkanes, alkenes and alkynes. They vary in size and shape and viscosity. By manipulating these chains…