Significance of Oil and Natural Gas Jay and Carl Williberg
What is oil? Oil is the world’s most important commodity. It’s a non-renewable energy and it is running out. «Peak oil» is a term that refers to a time when maximum global petroleum supply is reached. It is the core resource to our current system of survival.
Dr. Hubbert’s Curve 1-Proven reserves (250*10^9 barrels) 2-Cumulative Production (90*10^9 barrels) 3- Future Discoveries (910*10^9 barrels)
Supplies are Decreasing Possible global impacts: Economic depression Global uproar and uncertainty Global warming
What are we using it for? 44% is used for gasoline 35% Other fuels 21% Plastics, pesticides…
Who has the most oil?
Who is using it? World’s top 6 oil consumers in 2010 For every 6 barrels of oil that we consume, we find 1.
What is left? World’s PROVEN oil reserves (billions of barrels) United States consumed 20% of the global total in 2010
Oil Consumption since 1980
Natural Gas What is it? It is a natural hydrocarbon gas. Consists of: methane, carbon dioxide, nitrogen and hydrogen sulphide.
What is it used for? Heating Cooking Electricity generation Fuel for vehicles Chemical feedstock Plastics
Where are we extracting it?
Map of extraction
Easy to transport When cooled to -160 C: natural gas becomes a liquid This liquid is 600 times smaller in volume than when in gas form
Natural gas, a replacement for Oil? Natural gas releases 25% fewer green house gases than oil. Costs less Easier to transport Statistics show that natural gas production will increase 30% in the next two years Some cars in Asia are already running on natural gas