Oil reserves

power of the U.S. dollar, hides the most significant form of currency you 've probably never heard of, the Petrodollar. The word “Petrodollar” was coined by the Egyptian economist Ibrahim Oweiss, as a way to describe how oil producing and exporting countries were accounting for oil units outside of the regular money supply. While the Petrodollar may not be a commonly used term, I would agree with Economist Jerry Robinson when describing it as, "the most brilliant [series of] political-economic moves

unemployment, increasing inflation, current account deficits, negative growth, and zero interest rates along with it, depreciating the value of money. In the midst of all this the future of the U.S. dollar is uncertain. Will the dollar maintain its reserve currency status even after its depreciation and regain faith of the nations? Or will it be replaced by some other currency, shifting the power balances among the nations forever? The U.S. dollar peaked in value in 2000-2001 and has been in a significant

The most important function of money is that it serves as a medium of exchange. In a barter economy it was difficult to exchange of goods since the exchange in a barter system required double coincidence of wants. Money has removed this issue. Now goods can be sold between two parties. Then the seller can use that money to buy goods they want from another party that have the goods they want. Another important function of money is that it serves as a common measure of value or a unit of account.

uses the terms natural resource(s), resource(s), and reserve(s) in many different contexts. Please use care when interpreting their usage and context. Background This critical review will consider the claim by Bjorn Lomborg, that “energy and other natural resources have become more abundant, not less so” and offer evidence that supports his claim (Lomborg, 2001). It is important to make the distinction that Lomborg does not claim that reserves of natural resources have been increasing, he is merely

of the 'Peak Oil' theory, the world is expected to face severe oil shortages in the near future. Then, how can mankind meet its energy needs? Peak oil is the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. The concept is based on the observed production rates of individual oil wells, and the combined production rate of a field of related oil wells. The aggregate production rate from an oil field over time

Conventional oil has became an indispensable part of human beings’ life. Agriculture need oil, cooking needs oil, driving needs oil, producing products also needs oil, we need conventional oil for everything. However, since human beings did not fully consider the use of non-renewable, environmental damage of oil and the social costs, people are over-rely on oil and uncontrolled product and consume of oil has caused too many problems, for example, economic problems, environmental populations and military

Gas and oil deposits are typically found inside sedimentary rocks because of decomposing plants and animals trapped in layers of rocks. These rocks being usually consisting of clay pieces, sand, and mud. These rocks are layered and deposited on sediment layers. The remains of small organic materials such as zooplankton and algae form petroleum. Vast quantities of these remains settled to sea or lake bottoms, mixing with sediments and being buried under anoxic conditions. The heat and pressure over

Conventional oil has become an indispensable part of human beings’ life. Agriculture need oil, cooking needs oil, driving needs oil, producing products also needs oil, we need conventional oil for everything. However, since human beings did not fully consider the use of non-renewable, environmental damage of oil and the social costs, people are over-rely on oil and uncontrolled product and consume of oil has caused too many problems, for example, economic problems, environmental populations and military

& 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

Arctic National Wildlife Refuge Drilling for oil in the Arctic National Wildlife Refuge, commonly referred to as ANWR has been the source of media and political controversy for the last twenty years and has only increased in recent years. President Eisenhower reserved this land in 1960 to preserve and protect the native and diverse plants and wildlife. When oil was discovered in the Prudhoe Bay a determined group consisting of large oil corporations, politicians and locals insisted that exploration