Transcript Notes: More oil considerations

Welcome!

Please read the board
and review your notes
for today’s quiz – Obj
#6-12 and 17-19
Check for understanding!

Where are fracking and oil drilling
happening?

Where is oil refined?
So, how much oil is there? Reserves v.
Resources

Change w fracking?
Global Petroleum reserves
OPEC is a cartel

OPEC – Organization
of Petroleum
exporting countries:
Algeria, Angola,
Ecuador, Iran, Iraq,
Kuwait, Libya,
Nigeria, Qatar,
Saudi Arabia, the
United Arab
Emirates, and
Venezuela
Global Shale Gas reserves
(trillion cubic feet)
US reserves – fracking has created big
changes! (mark these on your diagram)





Peaked in 1972- 9.6 million barrels daily
Declined between 1970-2005; US importing up to 60%
of petroleum requirements; exports banned
2005 – Fracking technology makes more reserves
economically viable
2011 – current boom explodes with fracking
US crude output expected to crest around 9.5 million
barrels per day in 2016, then begin to decline in
2020. (7.5 million barrels/day projected through
2040)
1/12 – oil fell to $44 barrel yesterday
So, how much oil is there? Reserves v.
Resources

Change w drop in price?
Other options: the Unconventionals
require extra production steps
 Tar
Sands
 Mixture
of clay,
snad, water and
bitumen (Thick,
high-sulfur heavy
oil)
 Shale
 Type
oil
of oil
produced in
fracking.
Tar Sand production
Net Energy The difference between
the energy expended to
harvest/produce an
energy source and the
amount of usable energy
gained from that harvest

The more steps of production
there are, the lower the net
energy.

Concept is useful in evaluating
sustainability of energy
choices.
Which has lower net energy – traditional
oil production or tar sands?
 The
difference
between the energy
expended to
harvest/produce an
energy source and
the amount of usable
energy gained from
that harvest

Defend your choice!!!
Homework:
 Keystone
 What
pipeline:
is it, what are the tradeoffs?