Welcome!

Please read the board and review your notes for today’s quiz – Obj #6-12 and 17-19

Check for understanding!

Where are fracking and oil drilling happening?

Where is oil refined?

So, how much oil is there? Reserves v. Resources

Change w fracking?

Global Petroleum reserves

OPEC is a cartel OPEC –

Organization of Petroleum exporting countries: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela

Global Shale Gas reserves (trillion cubic feet)

US reserves – fracking has created big changes! (mark these on your diagram)

Peaked in 1972- 9.6 million barrels daily Declined between 1970-2005; US importing up to 60%

of petroleum requirements; exports banned 2005 – Fracking technology makes more reserves

economically viable 2011 – current boom explodes with fracking US crude output expected to crest around 9.5 million

barrels per day in 2016, then begin to decline in 2020. (7.5 million barrels/day projected through 2040)

1/12 – oil fell to $44 barrel yesterday

So, how much oil is there? Reserves v. Resources

Change w drop in price?

Other options: the Unconventionals require extra production steps

Tar SandsMixture of clay,

snad, water and bitumen (Thick, high-sulfur heavy oil)

Shale oil Type of oil

produced in fracking.

Tar Sand production

Net Energy -

The difference between the energy expended to harvest/produce an energy source and the amount of usable energy gained from that harvest

The more steps of production there are, the lower the net energy.

Concept is useful in evaluating sustainability of energy choices.

Which has lower net energy – traditional oil production or tar sands? The difference

between the energy expended to harvest/produce an energy source and the amount of usable energy gained from that harvest

Defend your choice!!!

Homework:

Keystone pipeline:What is it, what are the tradeoffs?