An essay on the depletion of crude oil

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An essay on the depletion of crude oil


Even though many of us simply think of oil as solely used to fuel automobiles you may be surprised by the vast ways it can be used such as in everyday items like plastics, make-up, paint, vitamins, dish soap and candles.

With the ever increasing and popularity of oil we have seen much more production and speculation about possible shortages since oil is a limited resource there are now attempts to use the product in a more conservative manner in order to limit a shortage.

I also took a look at the top producer, importers and exporters of Crude Oil. As you can see the United States is the top importer and this is partially responsible for our trade deficit and our attempt to search for not only a more eco-friendly way to fuel automobiles a large use of our oil but also to limit our import.

In taking a look at the contract specifications of trading Crude Oil as a commodity you may notice it is traded on the NYMEX market and there are certain restrictions on the minimum and maximum price fluctuations and the trading terms.

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These all have a tremendous effect on what the final price is set at each and everyday and are important to learn when studying this commodity. There are several factors that can effect the supply and demand for Crude Oil including OPEC and any rules and regulations they may set for trade, the ever changing inventory of oil as some countries are experiencing depletion and new countries are finding oil.

There is also the relationship you hold with the country if you are an importer you must maintain good relations and if you are an exporter the ball is in your court as to how you decide to trade and also OPEC will often get involved if the country is involved. In the past month and a half I have seen oil prices stay relatively stable with some increase in prices during the summer months due to certain factors which may include summer driving months here in the United States all the way to the recent declines in prices due to attacks being made on Nigerian pipelines.

There is always the risk of sharp increases in prices of oil and it is a commodity that is important to understand and learn from its trade. I think any one studying commodities should learn about Crude Oil because of its pull on the market there is a lot that can be learned from following this one commodity.

An essay on the depletion of crude oil

Choose Type of service.Latest environmental news, features and updates. Pictures, video and more. BibMe Free Bibliography & Citation Maker - MLA, APA, Chicago, Harvard. According to FAUCON (), the turmoil in the Middle East, which began about year agao, and is continuing because if the civil War in Syria, the Israeli-palestinian War and the civil strife in Egypt, should have an upward effect on the pricing of crude oil futures, which will in turn have an upward effect on the pump prices (FAUCON, ).

Oil Depletion The challenge of depletion is straightforward: Oil production first must make up for the depletion of mature fields before any net additional oil can be counted. It’s like pouring water into a . James Howard Kunstler is the author of many books including (non-fiction) The Geography of Nowhere, The City in Mind: Notes on the Urban Condition, Home from Nowhere, The Long Emergency, and Too Much Magic: Wishful Thinking, Technology and the Fate of the Nation.

In terms of total petroleum liquids + other liquids (EIA), OPEC 12 net exports fell from 28 MMBPD in to 27 MMBPD in , as annual Brent crude oil prices doubled from $55 in to an average of $ for to inclusive.

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