1. Crude Oil By: Jack Clark, Jacob Stewart Drew Paul, Mark Oglesby

2. What is Crude Oil? Crude Oil is petroleum that comes out of the ground before it is refined. It is formed from fossilized ancient vegetation and animal remains. Deposits can be found in the US, Canada, Iran, Iraq, Saudi Arabia, etc. It’s a gooey black liquid, that is trapped deep within earths crust, dispersed in pores and cracks.

3. Peak Production The pressure in a well drops, and its rate of conventional crude oil production starts to decline.

4. Proven Oil Reserves Identify deposits from which conventional crude oil can be extracted profitably at current prices with current technology.

5. Extraction process Pump oil up from underground reservoirs –From underneath land and sea –Requires huge amounts of high quality energy –Can cost billions per well

8. Advantages High net energy yield but, it is decreasing Efficient distribution system Low land disruption Ample supply for several decades

9. Disadvantages Water pollution from oil spills and leaks Environment costs not included in market price Release of CO2 and other air pollutants when burned Vulnerable to international supply interruptions

11. OPEC Organization of Petroleum Exporting Countries Iran, Iraq, Kuwait, Saudi Arabia, Venezuela Have a huge influence in oil prices and trade

12. Oil Depletion Time Net increase of global oil production at about 1% per year But it is expected to fall to 0% and even go into the negatives by this year Decline rate is expected to reach 10% by 2030 There are enough oil reserves to last only 40 more years

13. Net Energy Crude oil has a high net energy yield, but it is decreasing every year

14. Proven vs Unproven reserves Unproven reserves –Geologically equivalent to proven reserves –Political and regulatory barriers to extracting the oil within Proven reserves –90% certain the crude oil within the reserve is recoverable –Largest proven oil reserves are in Saudi Arabia, Canada, Iran, and Kuwait

15. Sources http://www.petroleum.co.uk/petroleum- reserveshttp://www.petroleum.co.uk/petroleum- reserves http://www.imeche.org/knowledge/themes/ energy/energy-supply/fossil-energy/when- will-oil-run-outhttp://www.imeche.org/knowledge/themes/ energy/energy-supply/fossil-energy/when- will-oil-run-out Miller, G. Tyler, Jr. LIVING IN THE ENVIRONMENT. 17th ed. Canada: Yolanda Cossio, 2012. Print. AP Edition.