Oil price increases of 2004 and 2005

There is controversy regarding the potential effects of oil-price shocks. Some see these increases in the price of oil leading to a recession comparable to those that followed the 1973 and 1979 energy crises or a potentially worse situation such as a global oil crash. Most economists see this as unlikely, partly because all developed countries have high fuel taxes that decrease as oil prices increase and can be eliminated in the event of a dramatic price spike. Nevertheless, that loss of revenue would put a strain on government balance sheet ...

See also:

Oil price increases of 2004 and 2005, Oil price increases of 2004 and 2005 - Causes, Oil price increases of 2004 and 2005 - Spring & Summer 2005 increase, Oil price increases of 2004 and 2005 - Winter 2006 increase, Oil price increases of 2004 and 2005 - Hurricane Katrina, Oil price increases of 2004 and 2005 - Effects, Oil price increases of 2004 and 2005 - USA Stock markets, Oil price increases of 2004 and 2005 - Asia Pacific Region excludes Australasia, Oil price increases of 2004 and 2005 - South Asia, Oil price increases of 2004 and 2005 - Sub-Saharan Africa, Oil price increases of 2004 and 2005 - Latin America & Caribbean, Oil price increases of 2004 and 2005 - Gulf States & Eurasian Arab-Islamic Regions

Read more here: » Oil price increases of 2004 and 2005: Encyclopedia II - Oil price increases of 2004 and 2005 - Effects

There is controversy regarding the potential effects of oil-price shocks. Some see these increases in the price of oil leading to a recession comparable to those that followed the 1973 and 1979 energy crises or a potentially worse situation such as a global oil crash. Most economists see this as unlikely, partly because all developed countries have high fuel taxes that decrease as oil prices increase and can be eliminated in the event of a dramatic price spike. Nevertheless, that loss of revenue would put a strain on government balance sheet ...

See also:

Oil price increases of 2004 and 2005, Oil price increases of 2004 and 2005 - Causes, Oil price increases of 2004 and 2005 - Spring & Summer 2005 increase, Oil price increases of 2004 and 2005 - Winter 2006 increase, Oil price increases of 2004 and 2005 - Hurricane Katrina, Oil price increases of 2004 and 2005 - Effects, Oil price increases of 2004 and 2005 - USA Stock markets, Oil price increases of 2004 and 2005 - Asia Pacific Region excludes Australasia, Oil price increases of 2004 and 2005 - Sub-Saharan Africa, Oil price increases of 2004 and 2005 - Latin America & Caribbean, Oil price increases of 2004 and 2005 - Gulf States & Eurasian Arab-Islamic Regions

Read more here: » Oil price increases of 2004 and 2005: Encyclopedia II - Oil price increases of 2004 and 2005 - Effects

Petroleum (from Greek petra – rock and oleum – oil), crude oil, sometimes colloquially called black gold, is a thick, dark brown or greenish liquid. A widely believed myth is that the oil itself is flammable; however, it is actually the gas that evaporates from the oil that is flammable. Petroleum exists in the upper strata of some areas of the Earth's crust. Another name is naphtha, from Persian naft or nafátá (to flow). It consists of a complex mixture of various hydrocarbons, l ...

Including:

• Petroleum - Origin
• Petroleum - Biogenic theory
• Petroleum - Abiogenic theory
• Petroleum - Composition
• Petroleum - Extraction
• Petroleum - Alternate means of producing oil
• Petroleum - History
• Petroleum - Environmental effects
• Petroleum - Future of oil
• Petroleum - Classification
• Petroleum - Pricing
• Petroleum - Top petroleum-producing countries
• Petroleum - Books about the petroleum industry
• Petroleum - Films about petroleum
• Petroleum - Writers covering the petroleum industry

Read more here: » Petroleum: Encyclopedia - Petroleum

Petroleum - Biogenic theory. Most geologists view crude oil, like coal and natural gas, as the product of compression and heating of ancient vegetation over geological time scales. According to this theory, it is formed from the decayed remains of prehistoric marine animals and terrestrial plants. Over many centuries this organic matter, mixed with mud, is buried under thick sedimentary layers of material. The resulting high levels of heat and pressure cause the remains to metamorphose, first into a waxy material ...

See also:

Petroleum, Petroleum - Origin, Petroleum - Biogenic theory, Petroleum - Abiogenic theory, Petroleum - Extraction, Petroleum - Alternate means of producing oil, Petroleum - History, Petroleum - Environmental effects, Petroleum - Future of oil, Petroleum - Classification, Petroleum - Pricing, Petroleum - Top petroleum-producing countries, Petroleum - Petroleum in Military Strategy, Petroleum - Books about the petroleum industry, Petroleum - Films about petroleum, Petroleum - Writers covering the petroleum industry

Read more here: » Petroleum: Encyclopedia II - Petroleum - Origin

Petroleum - Biogenic theory. Most geologists view crude oil, like coal and natural gas, as the product of compression and heating of ancient vegetation over geological time scales. According to this theory, it is formed from the decayed remains of prehistoric marine animals and terrestrial plants. Over many centuries this organic matter, mixed with mud, is buried under thick sedimentary layers of material. The resulting high levels of heat and pressure cause the remains to metamorphose, first into a waxy material ...

See also:

Petroleum, Petroleum - Origin, Petroleum - Biogenic theory, Petroleum - Abiogenic theory, Petroleum - Composition, Petroleum - Extraction, Petroleum - Alternate means of producing oil, Petroleum - History, Petroleum - Environmental effects, Petroleum - Future of oil, Petroleum - Classification, Petroleum - Pricing, Petroleum - Top petroleum-producing countries, Petroleum - Books about the petroleum industry, Petroleum - Films about petroleum, Petroleum - Writers covering the petroleum industry

Read more here: » Petroleum: Encyclopedia II - Petroleum - Origin

References to the oil price are usually either references to the spot price of either WTI/Light Crude as traded on New York Mercantile Exchange (NYMEX) for delivery in Cushing, Oklahoma; or the price of Brent as traded on the International Petroleum Exchange (IPE) for delivery at Sullom Voe. The price of a barrel of oil is highly dependent on both its grade (which is determined by factors such as its specific gravity or API and its sulphur content) and location. The vast majority of oil will not be traded on an exchange but on a over-the-cou ...

See also:

Petroleum, Petroleum - Origin, Petroleum - Biogenic theory, Petroleum - Abiogenic theory, Petroleum - Extraction, Petroleum - Alternate means of producing oil, Petroleum - History, Petroleum - Environmental effects, Petroleum - Future of oil, Petroleum - Classification, Petroleum - Pricing, Petroleum - Top petroleum-producing countries, Petroleum - Petroleum in Military Strategy, Petroleum - Books about the petroleum industry, Petroleum - Films about petroleum, Petroleum - Writers covering the petroleum industry

Read more here: » Petroleum: Encyclopedia II - Petroleum - Pricing

The oil industry classifies "crude" by the location of its origin (e.g., "West Texas Intermediate, WTI" or "Brent") and often by its relative weight (API gravity) or viscosity ("light", "intermediate" or "heavy"); refiners may also refer to it as "sweet", which means it contains relatively little sulfur, or as "sour", which means it contains substantial amounts of sulfur and requires more refining in o ...

See also:

Petroleum, Petroleum - Origin, Petroleum - Biogenic theory, Petroleum - Abiogenic theory, Petroleum - Extraction, Petroleum - Alternate means of producing oil, Petroleum - History, Petroleum - Environmental effects, Petroleum - Future of oil, Petroleum - Classification, Petroleum - Pricing, Petroleum - Top petroleum-producing countries, Petroleum - Petroleum in Military Strategy, Petroleum - Books about the petroleum industry, Petroleum - Films about petroleum, Petroleum - Writers covering the petroleum industry

Read more here: » Petroleum: Encyclopedia II - Petroleum - Classification

Source: Energy Statistics from the U.S. Government (Ordered by amount (MMbbl/d = millions of barrels per day) produced in 2004): Saudi Arabia (OPEC) - 10.37 MMbbl/d Russia - 9.27 MMbbl/d United States 1 - 8.69 MMbbl/d Iran (OPEC) - 4.09 MMbbl/d Mexico 1 - 3.83 MMbbl/d China 1 - 3.62 MMbbl/d Norway 1 - 3.18 MMbbl/d Canada 1 - 3.14 MMbbl/d Venezuela (OPEC) 1 - 2.86 MMbbl/d

Generally the first stage in the extraction of crude oil is to drill a well into the underground reservoir. Historically, in the USA some oil fields existed where the oil rose naturally to the surface, but most of these fields have long since been depleted, except for certain remote locations in Alaska. Often many wells (called multilateral wells) will be drilled into the same reservoir, to ensure that the extraction rate will be economically viable. Also, some wells (secondary wells) may be used to pump water, steam, acids or various gas mixtures into the reservoir to raise or maintain the reservoir pressure, and ...

See also:

Petroleum, Petroleum - Origin, Petroleum - Biogenic theory, Petroleum - Abiogenic theory, Petroleum - Composition, Petroleum - Extraction, Petroleum - Alternate means of producing oil, Petroleum - History, Petroleum - Environmental effects, Petroleum - Future of oil, Petroleum - Classification, Petroleum - Pricing, Petroleum - Top petroleum-producing countries, Petroleum - Books about the petroleum industry, Petroleum - Films about petroleum, Petroleum - Writers covering the petroleum industry

Read more here: » Petroleum: Encyclopedia II - Petroleum - Extraction

In refining, the component chemicals of petroleum are separated by fractional distillation, which is a separation based on relative boiling points (or equivalently relative volatility). The different products (in order of boiling points) include light gases (e.g. methane, ethane, propane), gasoline, jet fuel, kerosene, diesel, gasoil, paraffin wax, and asphalt. Subtler techniques, such as gas chromatography, HPLC, and GC-MS, can separate some fractions of petroleum into individual compounds; these are analytical chemistry methods used ...

See also:

Petroleum, Petroleum - Origin, Petroleum - Biogenic theory, Petroleum - Abiogenic theory, Petroleum - Composition, Petroleum - Extraction, Petroleum - Alternate means of producing oil, Petroleum - History, Petroleum - Environmental effects, Petroleum - Future of oil, Petroleum - Classification, Petroleum - Pricing, Petroleum - Top petroleum-producing countries, Petroleum - Books about the petroleum industry, Petroleum - Films about petroleum, Petroleum - Writers covering the petroleum industry

Read more here: » Petroleum: Encyclopedia II - Petroleum - Composition

The Hubbert peak theory, also known as peak oil, is a theory concerning the long-term rate of production of conventional oil and other fossil fuels. It assumes that oil reserves are not replenishable (i.e. that abiogenic replenishment is negligible), and predicts that future world oil production must inevitably reach a peak and then decline as these reserves are exhausted. Controversy surrounds the theory, as predictions for when the global peak will act ...

See also:

Petroleum, Petroleum - Origin, Petroleum - Biogenic theory, Petroleum - Abiogenic theory, Petroleum - Extraction, Petroleum - Alternate means of producing oil, Petroleum - History, Petroleum - Environmental effects, Petroleum - Future of oil, Petroleum - Classification, Petroleum - Pricing, Petroleum - Top petroleum-producing countries, Petroleum - Petroleum in Military Strategy, Petroleum - Books about the petroleum industry, Petroleum - Films about petroleum, Petroleum - Writers covering the petroleum industry

Read more here: » Petroleum: Encyclopedia II - Petroleum - Future of oil

The first oil wells were drilled in China in the 4th century or earlier. They had depth of up to 800 feet and were drilled using bits attached to bamboo poles. The oil was burned to evaporate brine and produce salt. By the 10th century, extensive bamboo pipelines connected oil wells with salt springs. Ancient Persian tablets indicate the medicinal and lighting uses of petroleum in the upper echelons of their society. In the 8th century, the streets of the newly-constructed Baghdad were paved with tar, derived from easily-accessible pe ...

See also:

Petroleum, Petroleum - Origin, Petroleum - Biogenic theory, Petroleum - Abiogenic theory, Petroleum - Composition, Petroleum - Extraction, Petroleum - Alternate means of producing oil, Petroleum - History, Petroleum - Environmental effects, Petroleum - Future of oil, Petroleum - Classification, Petroleum - Pricing, Petroleum - Top petroleum-producing countries, Petroleum - Books about the petroleum industry, Petroleum - Films about petroleum, Petroleum - Writers covering the petroleum industry

Read more here: » Petroleum: Encyclopedia II - Petroleum - History

The presence of oil has significant social and environmental impacts, from accidents and routine activities such as seismic exploration, drilling, and generation of polluting wastes. Oil extraction is costly and sometimes environmentally damaging, although Dr. John Hunt from Woods Hole pointed out in a 1981 paper that over 70% of the reserves in the world are associated with visible macroseepages, and many oil fields are found due to natural leaks. Offshore exploration and extraction of oil disturbs the surrounding marine environment. Extrac ...

See also:

Petroleum, Petroleum - Origin, Petroleum - Biogenic theory, Petroleum - Abiogenic theory, Petroleum - Extraction, Petroleum - Alternate means of producing oil, Petroleum - History, Petroleum - Environmental effects, Petroleum - Future of oil, Petroleum - Classification, Petroleum - Pricing, Petroleum - Top petroleum-producing countries, Petroleum - Petroleum in Military Strategy, Petroleum - Books about the petroleum industry, Petroleum - Films about petroleum, Petroleum - Writers covering the petroleum industry

Read more here: » Petroleum: Encyclopedia II - Petroleum - Environmental effects

Source: Energy Statistics from the U.S. Government (Ordered by amount (barrels per day) produced in 2004): Saudi Arabia (OPEC) Russia United States 1 Iran (OPEC) Mexico 1 China 1 Norway 1 Canada 1 Venezuela (OPEC) 1 United Arab Emirates (OPEC) Kuwait (OPEC) Nigeria (OPEC) United Kingdom 1 Iraq (OPEC) 2 See also:

Petroleum, Petroleum - Origin, Petroleum - Biogenic theory, Petroleum - Abiogenic theory, Petroleum - Composition, Petroleum - Extraction, Petroleum - Alternate means of producing oil, Petroleum - History, Petroleum - Environmental effects, Petroleum - Future of oil, Petroleum - Classification, Petroleum - Pricing, Petroleum - Top petroleum-producing countries, Petroleum - Books about the petroleum industry, Petroleum - Films about petroleum, Petroleum - Writers covering the petroleum industry

Read more here: » Petroleum: Encyclopedia II - Petroleum - Top petroleum-producing countries

References to the oil price are usually either references to the spot price of either WTI/Light Crude as traded on New York Mercantile Exchange (NYMEX) for delivery in Cushing, Oklahoma; or the price of Brent as traded on the International Petroleum Exchange (IPE) for delivery at Sullom Voe. The price of a barrel of oil is highly dependent on both its grade (which is determined by factors such as its specific gravity or API and its sulphur content) and location. The vast majority of oil will not be traded on an exchange but on a over-the-cou ...

See also:

Petroleum, Petroleum - Origin, Petroleum - Biogenic theory, Petroleum - Abiogenic theory, Petroleum - Composition, Petroleum - Extraction, Petroleum - Alternate means of producing oil, Petroleum - History, Petroleum - Environmental effects, Petroleum - Future of oil, Petroleum - Classification, Petroleum - Pricing, Petroleum - Top petroleum-producing countries, Petroleum - Books about the petroleum industry, Petroleum - Films about petroleum, Petroleum - Writers covering the petroleum industry

Read more here: » Petroleum: Encyclopedia II - Petroleum - Pricing

The oil industry classifies "crude" by the location of its origin (e.g., "West Texas Intermediate, WTI" or "Brent") and often by its relative weight (API gravity) or viscosity ("light", "intermediate" or "heavy"); refiners may also refer to it as "sweet", which means it contains relatively little sulfur, or as "sour", which means it contains substantial amounts of sulfur and requires more refining in o ...

See also:

Petroleum, Petroleum - Origin, Petroleum - Biogenic theory, Petroleum - Abiogenic theory, Petroleum - Composition, Petroleum - Extraction, Petroleum - Alternate means of producing oil, Petroleum - History, Petroleum - Environmental effects, Petroleum - Future of oil, Petroleum - Classification, Petroleum - Pricing, Petroleum - Top petroleum-producing countries, Petroleum - Books about the petroleum industry, Petroleum - Films about petroleum, Petroleum - Writers covering the petroleum industry

Read more here: » Petroleum: Encyclopedia II - Petroleum - Classification

Main article: Hubbert Peak The Hubbert peak theory, also known as peak oil, is a theory concerning the long-term rate of production of conventional oil and other fossil fuels. It assumes that oil reserves are not replenishable (i.e. that abiogenic replenishment is negligible), and predicts that future world oil production must inevitably reach a peak and then decline as these reserves are exhausted. Controversy surrounds the theory, as predictions for when the global peak will actually take place are highly dependent on the past production ...

See also:

Petroleum, Petroleum - Origin, Petroleum - Biogenic theory, Petroleum - Abiogenic theory, Petroleum - Composition, Petroleum - Extraction, Petroleum - Alternate means of producing oil, Petroleum - History, Petroleum - Environmental effects, Petroleum - Future of oil, Petroleum - Classification, Petroleum - Pricing, Petroleum - Top petroleum-producing countries, Petroleum - Books about the petroleum industry, Petroleum - Films about petroleum, Petroleum - Writers covering the petroleum industry

Read more here: » Petroleum: Encyclopedia II - Petroleum - Future of oil

The presence of oil has significant social and environmental impacts, from accidents and routine activities such as seismic exploration, drilling, and generation of polluting wastes. Oil extraction is costly and sometimes environmentally damaging, although Dr. John Hunt from Woods Hole pointed out in a 1981 paper that over 70% of the reserves in the world are associated with visible macroseepages, and many oil fields are found due to natural leaks. Offshore exploration and extraction of oil disturbs the surrounding marine environment. Extrac ...

See also:

Petroleum, Petroleum - Origin, Petroleum - Biogenic theory, Petroleum - Abiogenic theory, Petroleum - Composition, Petroleum - Extraction, Petroleum - Alternate means of producing oil, Petroleum - History, Petroleum - Environmental effects, Petroleum - Future of oil, Petroleum - Classification, Petroleum - Pricing, Petroleum - Top petroleum-producing countries, Petroleum - Books about the petroleum industry, Petroleum - Films about petroleum, Petroleum - Writers covering the petroleum industry

Read more here: » Petroleum: Encyclopedia II - Petroleum - Environmental effects

The first oil wells were drilled in China in the 4th century or earlier. They had depth of up to 800 feet and were drilled using bits attached to bamboo poles. The oil was burned to evaporate brine and produce salt. By the 10th century, extensive bamboo pipelines connected oil wells with salt springs. Ancient Persian tablets indicate the medicinal and lighting uses of petroleum in the upper echelons of their society. In the 8th century, the streets of the newly-constructed Baghdad were paved with tar, derived from easily-accessible pe ...

See also:

Petroleum, Petroleum - Origin, Petroleum - Biogenic theory, Petroleum - Abiogenic theory, Petroleum - Extraction, Petroleum - Alternate means of producing oil, Petroleum - History, Petroleum - Environmental effects, Petroleum - Future of oil, Petroleum - Classification, Petroleum - Pricing, Petroleum - Top petroleum-producing countries, Petroleum - Petroleum in Military Strategy, Petroleum - Books about the petroleum industry, Petroleum - Films about petroleum, Petroleum - Writers covering the petroleum industry

Read more here: » Petroleum: Encyclopedia II - Petroleum - History

Generally the first stage in the extraction of crude oil is to drill a well into the underground reservoir. Historically, in the USA some oil fields existed where the oil rose naturally to the surface, but most of these fields have long since been depleted, except for certain remote locations in Alaska. Often many wells (called multilateral wells) will be drilled into the same reservoir, to ensure that the extraction rate will be economically viable. Also, some wells (secondary wells) may be used to pump water, steam, acids or various gas mixtures into the reservoir to raise or maintain the reservoir pressure, and ...

See also:

Petroleum, Petroleum - Origin, Petroleum - Biogenic theory, Petroleum - Abiogenic theory, Petroleum - Extraction, Petroleum - Alternate means of producing oil, Petroleum - History, Petroleum - Environmental effects, Petroleum - Future of oil, Petroleum - Classification, Petroleum - Pricing, Petroleum - Top petroleum-producing countries, Petroleum - Petroleum in Military Strategy, Petroleum - Books about the petroleum industry, Petroleum - Films about petroleum, Petroleum - Writers covering the petroleum industry

Read more here: » Petroleum: Encyclopedia II - Petroleum - Extraction