The Future Of Natural Gas And Crude Oil - 4009 Words

The Future of Natural Gas and Crude Oil Throughout history, as well as present day, the usage of natural gas has played an immense role in our everyday life. However, over recent decades, the extraction and usage of natural gas has become a more frequent topic of debate. Even though extraction of natural gas and crude oil has been proven to boost the global economy, people still question weather these methods of extraction will ultimately destroy our planet. There is an abundance unconventional and conventional reservoirs of oil and gas under the surface, each with the potential to increase the production of both resources vastly. Advancements in engineering, such as hydraulic fracturing and horizontal drilling, have allowed us to take advantage of all aspects of these varying reservoirs. With this impending influx of resources, many regions will see an increase in production and consumption. Throughout this paper, we will discuss the current methods of extraction, the uses of natural gas both past and present, and the US export ban of crude oil. Finally, after reviewing the reasons behind the current low prices on energy, we can make projections for the future of natural gas. Shale production and fracking methods have opened a whole world to the oil and gas industry. Just like the nuclear power, oil and â€Å"shale gas† are being used in wide varieties such as: vehicles and energy. Furthermore; natural gas and oil are used in a wider range than nuclear power. We need moreShow MoreRelatedFactors 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 MoreIssues with Using Fossil Fuels1476 Words   |  6 Pageswhen we don’t think about it. These fuels include natural gas, crude oil and coal (Coal is not a hydrocarbon). Fossil fuels grant us electricity, heating, fuel for cars and planes. We have been using fossil fuels for the past 200 years but studies have shown that they may not be the best resource to use because they have many issues connected with them. I chose fossil fuels because they are hydrocarbons that we will need to deal with soon in the future because countries are consuming them more and moreRead MoreOil Drilling and Gas Extraction Industry in the US Analysis1242 Words   |  5 PagesConnor Sims, Associate SUBJECT: Oil Drilling amp; Gas Extraction Industry in the US Analysis (21111) This report presents information regarding the industry, the primary operator of oil and gas field properties. The industry fuels its key buyers, the Natural Gas Distribution (22121) and the Petroleum Refining (32411) industries, with crude oil and natural gas. The industry continuously battles a shortage of available oil. In addition, many major oil fields have been in use for decades, slowlyRead MoreCanadian Natural Resources And Natural Gas1593 Words   |  7 Pagesproduction of crude oil and natural gas are to be known as the Canadian Natural Resources. It is an Energy Company that is situated in Calgary, Alberta. 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Petroleum products and natural gas areRead MoreThe First Law Of Thermodynamics1618 Words   |  7 Pages Unconventional oil The U.S. Department of Energy divides unconventional oil into four types: heavy oil, extra heavy oil, bitumen, and oil shale. Some analysts also include gas to liquids, processes for converting natural gas to oil and coal to liquids, processes for converting coal to oil in the unconventional oil category. These unconventional oil-processing techniques widen the use of unconventional oils to include unconventional natural gas, such as tight gas and shale gas. The biggest problemRead MoreU.s. Energy Boom May Signal A New Export Era874 Words   |  4 Pagesfrom different counties. 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Chevron’s success is greatly driven by their vision ‘to be the global energy company most admiredRead MoreAmerica s Need For Black Gold1221 Words   |  5 Pagesdrivers were feeling the repercussions with every gallon of gasoline and oil that they consumed. The members of OPEC placed an oil embargo on the US and several other nations because of their aid to the Israeli military. This embargo greatly pressured the US, who was highly dependent on foreign oil. In the aftermath of this crisis, President Nixon called for the increased energy production to avoid this problem in the future. Yet, in this present day, the United States faces a similar, although notRead MoreThe Energy Information Administration ( 2016 )1250 Words à ‚  |  5 Pagesaverage of 9.4 million barrels of crude oil a day, a rate of production not seen in over 45 years (EIA, 2015). In 2008 production averaged 5 million barrels a day. This drastic increase in production can be attributable, in part, to advances in hydraulic fracturing. According to the Energy Information Administration (2016) this controversial drilling technology has been in use for over 6 decades, but has otherwise contributed relatively little to total crude oil output. In 2000 23,000 hydraulic fractured