Price of petroleum

one-hundred years, society is steering itself back towards another great depression era. The underlying cause is the end of conventional oil, which will detrimentally effect the world economy. Conventional oil is a category which encompasses raw petroleum, natural gas and its condensates. These oils and gasses all assume a noteworthy part in forming the present society, as oil and gas are utilized for all heavy machinery, cars, plastics, to generate power and other equipment. With a sudden…

The BP oil spill, also known as the “Deepwater Horizon oil spill”, took place in the Gulf of Mexico, beginning on April 20, 2010. The BP owned Transocean- operated Macondo Prospect exploded and sunk. Oil spilled from this oil rig for 87 days until it was contained on July 15, 2010 but not official sealed until September 19, 2010. The United States Government predicted that about 4.9 million barrels of oil was spilled and that is about 210 million gallons. The oil spread around 2,500 to 68,000…

triggering economic benefit through the exploitation of the Alberta tar sands. Twinned pipelines will transport bitumen to the British Columbian port of Kitimat, which is approximately 1170 kilometres in distance. Condensate, a resource that thins petroleum products for transport, will in turn be imported through the other pipeline. This is a contentious issue because the pipeline would cut through pristine, remote land, which has captured the attention of environmentalists because of the…

financial benefits including federal and local tax credits, as well as environmentally sustainable manufacturing practices. Electric cars are still a relatively new concept and do have their flaws, however, Electric car are in many ways superior to petroleum cars with significantly improved efficiency, exceptional…

(2015), the oil price drop of 2014 displayed both benefits and drawbacks to the African nations of Nigeria and Tanzania in addition to numerous affects the worldwide oil market. Considering Nigeria is Africa’s leader in the exporting of crude oil, adverse effects stemming…

The idea for the electric car has been around for several years. EVs, short for electric vehicles, come in four types: the purely battery-operated vehicles, hybrid gas and electric vehicles (plug-in and non-plug-in), and fuel cell operated. These kinds of cars run primarily on electrical power, as opposed to a conventional car that runs on petrol based fuels. Because of this, they are seen as the poster children of green transportation. There has been some debate on whether or not these EVs…

The evident rise in the price of oil worldwide increases the determination of companies in seeking more sources of oil. Many governments encourage and finance this process; they rarely consider the environmental implications of the oil extraction process and possibilities of accidents…

Introduction Fracking is a highly debated form of removing natural gas and oil from the ground and comes with both pros and cons. Oxford Dictionary defines Fracking as “the process of injecting liquid at high pressure into subterranean rocks, boreholes, etc., so as to force open existing fissures and extract oil or gas: Also called hydraulic fracturing.”. This method allows us to reach these resources in places that are difficult to get to. The issue with this method is that it brings more…

Electrically powered cars will be critically important in the future. There are many reasons why electrically powered cars will be a more efficient and eco-friendly form of transportation. Oil will become an unpopular form of fuel in the future due to the fact that there is a very limited supply, even now in present time, we have to find new methods of getting every last drop of oil. We will eventually run the world dry of oil and then we will have no other choice than to find a new source of…

strongest in the world, owing to the early intervention by the Bank of Canada and the financial sector's tradition of conservative lending practices and strong capitalization. Canada achieved marginal growth in 2010-15, despite the recent drop in oil prices.) .…