1. Welcome!  Please read the board and review your notes for today’s quiz – Obj #6-12 and 17-19

2. Check for understanding!  Where are fracking and oil drilling happening?  Where is oil refined?

3. So, how much oil is there? Reserves v. Resources  Change w fracking?

4. Global Petroleum reserves

5. 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 AlgeriaAngola EcuadorIranIraq KuwaitLibya NigeriaQatar Saudi Arabia United Arab Emirates Venezuela

6. Global Shale Gas reserves (trillion cubic feet)

8. 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)

9. 1/12 – oil fell to $44 barrel yesterday

10. So, how much oil is there? Reserves v. Resources  Change w drop in price?

11. Other options: the Unconventionals require extra production steps  Tar Sands  Mixture of clay, snad, water and bitumen (Thick, high-sulfur heavy oil)  Shale oil  Type of oil produced in fracking.

12. Tar Sand production

13. 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.

14. 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!!!

15. Homework:  Keystone pipeline:  What is it, what are the tradeoffs?