Billy Yogan, Lauren Wong, Teresa Wheeland, and Bryce Bartolomeo Crude Oil Billy Yogan, Lauren Wong, Teresa Wheeland, and Bryce Bartolomeo

Definition/Description Gooey liquid consisting mostly of hydrocarbon compounds and small amounts of compounds containing oxygen, sulfur, and nitrogen. Extracted from underground accumulations, it is sent to oil refineries, where it is converted to heating oil, diesel fuel, gasoline, tar, and other materials

Extracting Crude Oil Domes under the seafloor as well as within the earth’s crust contain deposits of crude oil. To extract oil a drill is used to access the resource below. Gravity causes the oil to be drawn out of the rock pores, and into the well. From the bottom of the well, the oil is then pumped to the surface.

Extraction Process

Refining Crude Oil The oil is then extracted, it is transferred to a refinery by means of pipeline, truck, or oil tanker. After the refinery receives the oil, it is heated so that the components with different boiling points separate.

Products of Crude Oil The distillation of crude oil’s products can be used for industrial organic chemicals, cleaning products, pesticides, plastics, synthetic fibers, paints, medicine, and gasoline.

Net Energy Outcome Net Energy Outcome: Total amount of useful energy available from an energy resource minus the energy needed to make it available to consumers. Most conventional oil has a high net energy ratio because it has come from large concentrated deposits of light crude oil found not too deep underground or under the ocean floor in fairly shallow water.

Net Energy Outcome Cont. As these large deposits become depleted, oil producers have to use more energy and money to develop more dispersed and often smaller deposits found deeper underground or under the sea bottom. When this happens, the net energy ratio of conventional oil declines and extraction costs rise sharply in accordance with the two laws of thermodynamics.

Advantages vs. Disadvantages -Ample supply for several decades -High net energy yield but decreasing -Low land disruption -efficient distribution system -Water pollution from oil spills and leaks -Environmental costs not included in market price -Releases carbon dioxide and other air pollutants when burned -Vulnerable to international supply interruptions

Negative Environmental Effect

Estimated Depletion Time Worldwide depletion in 98 years (2113)- The Colorado River Commission of Nevada Worldwide depletion in 42 years (2057)-Petrostrategies Inc. According to the textbook “Geologists project that proven and unproven global oil reserves of conventional crude oil will be 80% depleted between 2050 and 2100 depending on consumption rates. The remaining 20% will likely be too costly to remove. These two guesses had different factors such as how much undiscovered oil and how our use of it will change.

Peak Production The point in time when the pressure in a well drops and the production of conventional crude oil declines after many years is known as the peak production of the well. The global peak production is when humans reach the maximum rate of crude oil production for the entire world.

Proven vs. Unproven Reserves Proven oil reserves are deposits that have been identified from which conventional crude oil can profitably be extracted with modern technology and current prices. Unproven oil reserves are potentially recoverable oil reserves. ~Probable reserves have a 50% chance of a recovery ~Possible reserves have a 10%-40% chance of recovery.

OPEC The Organization of Petroleum Exporting Countries consists of 13 countries that contain 60% of the Earth’s proven crude oil reserves. The members of OPEC today are: Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.

Availability as an Energy Source Since 1950, world oil consumption has been growing rapidly and conventional crude oil is now single largest source of commercial energy in world and U.S. In 2009, the world used the equivalent of almost 31 billion barrels of oil, each barrel containing 159 liters. Oil use is expected to increase by 37% by 2030.

Leading Producing Nations Saudi Arabia has largest portion of the world’s conventional proven crude oil reserves (20%). Other countries with large proven reserves: Iran, Iraq, Kuwait, the United Arab Emirates, Venezuela, and Russia. The U.S. and China are the two largest user of oil, and only have about 1-1.5% of world’s proven crude oil.

Reference Slide http://crc.nv.gov/docs/world%20fossil%20reserves.pdf http://www.petrostrategies.org/Learning_Center/are_we_running_out_of_oil_and_gas.htm