The Consumption Of Crude Oil - 1684 Words

When a family migrates to another city or country, it could be an interesting or frustrating life experience, but at least their lives are not endangered. When humankind migrates to another planet, it might be a wonderful trip to start a new life. However, we also know that it is a trip full of risks and challenges, and a trip that might result in the loss of numerous lives. Some scientists argue that the Earth will soon be unsuitable to inhabit because the Earth is being heavily polluted and the natural resources are being excessively consumed. For instance, air pollution, which is caused by car exhaust or fumes from factories, damages the Earth s atmosphere, being responsible for the decline in the number of many species. Now, the consumption of crude oil is around 90 million barrels per day worldwide and it is certain that the consumption at such a rapid rate is not sustainable. That explains why some scientists and experts advocate migration to another planet which is ideal for l iving. However, it is far more practical for people to continue living on the Earth by prioritizing saving the Earth. It is a mission impossible to find another planet that is as suitable to inhabit as the Earth. Even if scientists find it, the eventual migration of the whole human race to such a planet is also a tremendous challenge. Although it might be beneficial to colonize on other planets by establishing a number of stations on another planet as the first step, the drawbacks of movingShow MoreRelatedThe Link Between Supply And Demand Of Crude Oil Essay1386 Words   |  6 Pagesspecialize in bulk commodity transportation, and crude oil refers to major liquid bulk cargo type. Demand of downstream users and supply in upstream sector impacts the work of shipping companies. The aim of the report is to examine the link between supply and demand of crude oil. This report presents description of crude oil, its downstream users, processing and utilization, regarding corresponding lite rature, statistical data and maps. 2 Crude oil Crude oil is a fossil fuel that consists of a complexRead MoreSupply And Demand of Gasoline Essay1018 Words   |  5 Pagesof not only gasoline but also crude oil, which is needed to manufacture gasoline. In addition, several other factors are influencing a change in the price of gasoline. In 2004, crude oil producers around the world expected a 1.5% growth in the world’s demand for crude oil. The actual growth rate was more than double the projections at 3.3%. This growth was due to rapidly industrializing of foreign countries such as, China and India. Therefore the lack of crude oil affected the supply of gasolineRead MoreArticle Analysis Paper1275 Words   |  6 Pagesconsumes more than 25% of the world’s petroleum products which is a large percentage, considering only 3% of the world’s oil reserves are produced by the United States. Given the demand for petroleum products such as gasoline, understanding why Crude oil prices have skyrocketed in recent years, is not hard. According to the article â€Å"Ending America’s Oil Addiction,† the surge in crude oil prices can be reduced in large part to the simple concepts of supply and demand. (Cooper, 2008) This paper will defineRead MoreChinua Crude Prices And Its Implications On India1048 Words   |  5 PagesFALL IN CRUDE PRICES ITS IMPLICATIONS ON INDIA Introduction: The presence of crude oil was first discovered in China way back in 3rd or 4th century A.D. The presence of oil in India was discovered in late 1889 at Digboi in Assam where the first crude oil refinery was set up in 1901. 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A substantial amount of work is being carried out by theRead MoreCompetitive Enviroment Of World Oil Markets934 Words   |  4 PagesCOMPETITIVE ENVIROMENT IN WORLD OIL MARKETS OPEC Has Been Waring Its Role on Oil Markets The largest organization to control and impact oil suppliers is the Organization of the Petroleum Exporting Countries (OPEC), an entity which associates with13 countries: Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. The mission of OPEC is to coordinate and unify the petroleum policies of its Member Countries and in orderRead MoreFactors Affecting Price of Crude Oil and Natural Gas1355 Words   |  5 Pages　　　　Factors Affecting Price of Crude Oil and Natural Gas Introduction Over the last few years, the prices of crude oil and natural gas have depicted turbulent rising and falling trend. Changes in these prices are largely determined by supply and demand factors in the global market. The recent financial crisis that occurred in 2008 and 2009 displays poor economic conditions that have led to reduced demand of oil due to poor economic activities among many countries. Presently, the world economy isRead MoreUs Oil Dependence992 Words   |  4 PagesUNITED STATES OIL DEPENDENCE As the world’s top consumer of oil, how much of that consumption is the United States able to satisfy with its own oil resources and how dependent is it on imported oil? According to the U.S. Energy Information Administration (EIA), of the oil consumed in the United States in 2008, approximately 57% was imported. Despite popular belief that most of this imported oil would have come from the Middle East, nearly half originated in the Western Hemisphere in countriesRead MoreOil And Demand For Oil1174 Words   |  5 PagesCrude oil is one of the most economically mature commodity markets in the world. Even though most crude oil is produced by a relatively small number of companies, and often in remote locations that are very far from the point of consumption but it is shipped all over the world. The global supply and demand determines prices for oil. Events around the world can affect the prices at our home for oil-based energy. OPEC, the large oil-producing cartel, does have the ability to influence world pricesRead MoreEssay On Oil Shocks757 Words   |  4 PagesOil prices matter to the health of an economy, despite a consistent fall in global oil intensity; crude oil remains an important commodity and events in the oil market and continues to play a significant role in shaping global economic and political development. The price of crude in global market is essentially driven by supply and demand. The various method developed by IMF, World Bank(WB) and OECD have estimated that 10-dollar increase in crude oil prices would lead to a decline of world production