Term
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Definition
| T/F: At the end of 2013, oil reserves were at an all-time high |
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1) Saudi Arabia 11.73
2) US 11.10
3) Russia 10.4
4) China 4.4
5) Canada 3.9
(million barrels per day) |
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Definition
| Top 5 oil producing countries 2012 |
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Term
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Definition
| By 2015, _ will be the top global oil & gas producer. |
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Term
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Definition
| 1981 Geology Textbook predicted that the energy gap would be most severe when? |
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$10/barrel = Cheaper than bottled water
90 cents/gallon |
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Definition
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Term
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Definition
| If oil is abundant, why is it so expensive? |
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Term
1916: Model T Scare
1918: Gasless Sunday Scare
1920-1923: John Bull Scare
1943-1944: Ickes Petroleum Reserves Scare
1946-1947: Cold War Scare
1947-1948: Cold Winter Scare
1973: Arab Embargo Scare
1979: Iranian Revolution Scare |
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Definition
| Examples of when the world has been running out of oil: |
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Term
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Definition
| In 1920, the US Geo Survey estimated that "the world's supply of recoverable petroleum amts to as much as _ billion barrels" |
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Term
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Definition
| By 2013, the world had produced more than _ billion barrels, and had _ billion barrels in reserve |
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Term
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Definition
| US oil reserves have kept pace with _ _. |
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Term
| All fuels, both identified and unidentified |
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Definition
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Term
Portion of IDENTIFIED RESOURCES that can be ECONOMICALLY extracted using current technology
EX) food in a pantry |
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Definition
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Term
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Definition
| For 65 years, estimate of the world's oil resources have grown _ than the cumulative production, due to tech advances |
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Term
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Definition
| "Remaining" recoverable oil resource is _ trillion barrels (doesn't include 1 trillion already produced) |
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Term
| Drake Well, drilled by "uncle" Billy Smith |
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Definition
| 1861: The first commericial oil well (PA), reached 69.5 ft |
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Term
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Definition
| March 2010, _ began production from the Perdido facility in 8000 ft of water |
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Term
Offshore drilling
Horizontal drilling
4D seismic images
Enhances oil recovery
Hydraulic fracturing |
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Definition
| New Tech that increases oil reserves/resources |
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Term
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Definition
Ex) like oil in a bucket of Sand, oil is found in saturated pores of rocks
extracts 35% of oil in a reservoir
Could extract 374 billion in US |
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Term
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Definition
This oild field is in SoCal, discovered in 1899
by 1942, 278 mill barrels of oil had been produced
Geologists estimated that an additional 54 mill barrels could be recovered
1960: Chevron began enhanced recovery operations @ _ by injecting steam
2007: Cumulative production reached 2000 mill barrels
2009: reserves @ _ River were 627 mill barrels |
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Term
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Definition
| Low quality resources cost _ to extract and utilze |
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Term
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Definition
| Shows inverse relationship btw the quantity of a resource & quality |
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Term
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Definition
In 1957, he predicted that oil production in US would peak between 1965-1970.
Oil peaked in 1970 |
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Term
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Definition
assumes that the production of a commodity will follow a bell-shaped curve with a peak
EST: the US ultimate resource to be between 150-200 billion barrels
& also predcted that in 2000, oil prod. would be at 12.5 bill barrels per annum - WRONG |
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Term
| Why Peak Oil Theory doesn't work |
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Definition
The theory is inherently Malthusian: it assumes the size of the resource is fixed
The size of recoverable resources depends on future tech
You have to est the size of the ultimate recoverable resource -- which also depnds on future tech |
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Term
| Enough to last through 2100 |
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Definition
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Term
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Definition
| Resource size may be _-_ trill barrels |
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Term
Convenient
Concentrated
Abundant
$ |
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Definition
| 4 Reasons Why OIl is the World's largest energy source |
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Term
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Definition
| Size of the ultimate resourse is grater than _ trill barrels |
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Term
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Definition
| We have only extracted _% of world's oil |
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Term
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Definition
| What kind of energy tech is sustainable? |
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