Crude Oil and Global Warming
| Global warming means that most global countries should no longer burn oil, fuel or gasoline in such vast quantities as current levels seem to be having a warming effect.
Crude Oil and Global Warming, Is it all Crude's Fault?
Oil is a major player when looking at burning fossil fuels and global warming, however coal is still widely burned at massive levels and is still increasing, hence not all crude's fault. | |
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Crude oil found in the earth is a part of the natural carbon cycle and its removal and redeposition has been taking place on the planet for hundreds of millions of years since life forms initially became productive enough to leave deposits of organic material behind in sedimentary rocks.
Will we be looking at an even lower demand growth rate in the future? Only time will tell. For the world's oil market, slower demand growth may be perceived as a relief valve from pending peak oil concerns.
While slower demand growth will take some pressure off the supply challenge, aging oil fields and accelerating depletion rates remain a relentless cancer in the industry. The recent media flap over comments by Fatih Birol, chief economist at the IEA, about a peak in global oil production coming much sooner in time than the agency has publicly acknowledged may be the tip of the iceberg highlighting that depletion has displaced growth as the principal driver for the global oil business.
While finding new fields will remain important, the oil industry’s focus increasingly will be on the critical issue of how to get more from existing reservoirs and how best to extract the lower quality unconventional oil resources around the world.
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