Geography of Oil.pptx

The Geography of Oil 51 billion tons of CO2 emis sions; "How T o Avoid a Cli mate Disaster ", by Bill Gate s - Oil is VERY Big Business The geography of petroleum ● The world would be a very different place if we didn’t have cheap fossil fuels. Think of the convenience and affordability that oil...

The Geography of Oil 51 billion tons of CO2 emis sions; "How T o Avoid a Cli mate Disaster ", by Bill Gate s - Oil is VERY Big Business The geography of petroleum ● The world would be a very different place if we didn’t have cheap fossil fuels. Think of the convenience and affordability that oil affords our lives: – Automobiles – Food industry (tractors, fertilizers and transportation) – Heating, lighting, and energy sectors – Manufacturing (making stuff) Blow up image here ● Geologist and geophysicist M. King Hubbert used a “bell curve” to explain what happens to oil production over time. His hypothesis was: “If a single oil well has a predictable life cycle of discovery, production and ● He’s been dead for a while now, but his 1956 conclusion that the fossil fuel era would peak and then fade fast has been stirring controversy as the world grapples with climate change. Our Petroleum Addiction ● It’s difficult to imagine a world without oil, but oil is non-renewable. Once it’s gone, it’s gone ●There’s a pretty good argument (from a climate change POV) to leaving as much as possible in the ground http://www.cartoonstock.com/directory/s/suv_s.asp OPEC History – Venezuela, Iran, Iraq, Saudi Arabia and Kuwait founded the Organization of Petroleum Exporting Countries (OPEC) in 1960 Several other oil-producing nations joined after: ● Qatar (1961), Indonesia (1962), Libya (1969), Algeria (1970), Nigeria (1971), Ecuador (1973-1992, left the organization in order to avoid production quotas), The United Arab Emirates (1973) and Gabon (1973-1994). – From its foundation until the beginning of the 1970s, OPEC was unable to increase oil OPEC Countries Developed Nations like Canada Have Become Dependent on Cheap Oil – Developed countries were confident that the price of petroleum would remain relatively stable – Environment of low petroleum prices fuelled strong economic growth in developed nations. – No developed country had an – Strong growth rests for a very large part on the availability of cheap oil (includes industry, housing, energy, agriculture, and transportation) – The United States and Canada are two examples of this Oil Supply and Demand – supply and demand vary incredibly – the bulk of oil reserves (64%) are located in the Middle East – Estimates in reserves range from less than 50 to 100 years and beyond But things are changing very quickly….. check this article out! https://www.indexmundi.com/blog/wp-content/uploads/2013/05/strategic-oil-reserves-world.jpg ● Since 2000, prices have fluctuated dramatically due to Hurricane Katrina, the prospect of global warming, continued political instability in the Middle-East, the economic meltdown in 2008, and new methods of locating and extracting oil ● Prices are very volatile ● approached $160/barrel in 2008 only to drop to around $50/barrel in 2009; ● by mid 2012, prices ● by early 2016, prices were under $30 a barrel ● early 2020, prices went under $40/barrel ● 2021; back up to $65/barrel ( https://www.macrotrends.net/2516/wti-crude-oil-prices-10-y ear-daily-chart ) ● 2022 - the Ukraine/Russia war sends the price of gas to $2.00/litre