The Science of Energy Crude Oil-Petroleum Pt. 1
Why are fossil fuels considered to be "non-renewable
Fossil fuels are non renewable because its an energy source that can not be easily replenished.
How much of the world's total proved crude oil reserves do the OPEC countries control (as of 2017)?
In 2017 43% of the worlds crude oil came from OPEC.
Even though the U.S. imports petroleum, it also exports petroleum. How much petroleum did the U.S. export in 2017?
In 2017 the US exported 6.3 MMb/d.
What is crude oil
A crude oil is a mixture of hydrocarbons that form from plants and animals that lived millions of years ago.
What does the term "call on OPEC" mean?
Call on OPEC means the difference between market demand and supply from non-OPEC sources.
Describe how crude oil is formed?
Crude oil is created from the remains of plants and animals that lived millions of years ago. For over millions of years the remains were covered by sand dirt etc. From the heat and pressure that gets applied to the remains turns them into crude oils
What determines the price of crude oil (or for that matter, any other product)?
Crude oil prices are determined by global supply and demand.
What types of products get exported from the U.S.?
Most U.S. petroleum exports are petroleum liquids and refined petroleum products.
How can OPEC influence world oil supplies and prices?
OPEC can have a significant influence on prices by setting production targets for its members.
What does "OPEC" stand for?
OPEC stands for The Organization of the Petroleum Exporting Countries.
What are petroleum products?
Petroleum products are fuels made from crude oil and other hydrocarbons contained in natural ga
Why does the U.S. export petroleum if it still has to import a significant amount?
The US exports petroleum because of logistical, regulatory, and quality considerations, exporting some petroleum is the most economical way to meet the market's needs.
What are the factors which affect the demand for crude oil and petroleum products? Explain your answer completely.
The factors that affect supply and demand are season changes. For example in the winter time people will need more of it because of heating building and using more gas because of the bad roads. But not much in the summer time because you the temp outside heats people homes.
Where is a majority of U.S. crude oil produced?
The majority of the U.S. crude oil is produced in Texas.
What led to the increase in crude oil production in the U.S. in 2017?
The more cost effective drilling technology helped to boost crude oil production in 2017
What was the net import of petroleum for the United States in 2017?
The net import of petroleum averaged 3.7 MMb/d, the equivalent of 19% of total U.S. petroleum
Most non-renewable energy resources are classified as "fossil fuels". Explain why uranium is NOT a fossil fuel but IS considered a non-renewable energy resource.
Uranium is not a fossil fuel because it is mined and converted into a fuel
Where was the increase in production located in the U.S.?
The productions were located in Texas, North Dakota, Oklahoma, New Mexico, and Colorado.
Explain the phrase "All fossil fuels are nonrenewable, but not all nonrenewable energy sources are fossil fuels"
There are more types of nonrenewable energy sources than just fossil fuels.
What factors determine how effectively OPEC will be able to influence global oil prices?
There are three main factors why OPEC influence world oil supplies and prices 1. How unwilling or unable consumers are to move away from using oil 2. How competitive non-OPEC producers become when oil prices change 3. How efficiently OPEC producers can supply oil compared with non-OPEC producer
Where are most of the OPEC countries located?
They are located in Iran, Iraq, Kuwait, Saudi Arabia, Qatar, United Arab Emirates, Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Libya, Nigeria, Venezuela
U.S. petroleum imports peaked in 2005 and generally declined since then. What are the factors responsible for the decline in having to import those resources?
U.S. petroleum imports declined because of consumption, increased use of domestic biofuels (ethanol in gasoline and biodiesel in diesel fuel), and increased domestic production of crude oil and hydrocarbon gas liquids.
How many more barrels of petroleum does the United States have to import because we don't produce to meet our demands?
We need about 19.9 MMb/d. Imports from other countries help to supply demand for petroleum.
What does the term "net imports" mean?
the trade balance of the country.