GEOG 361 Lecture Notes - Lecture 14: Exxonmobil, Peak Oil, Royal Dutch Shell
Document Summary
Peak oil: oil makes economic geographical world go around, central question: what happens to oil when it runs out, (cid:862)hubbert"s peak(cid:863) Predicted in 1956 that peak us crude oil production would be in 1971. Cassandra: pessimist, predicted doom and gloom. Anti-cassandras: completely opposite, at this precise moment, we have a lot of oil, beginning to exploit the oil resources, new techinques of extraction (fracking in n. dakota and texas, new conventional sources(elephant fields) Increase in oil price = chances to alleviate the scarcity. Exploitation of unconventional sources of oil(fracking) (cid:862)the end is nigh. (cid:863) maybe: oil connected to so many aspects of modern life. To see the world in a drop of oil. Geography of production: uneven production of oil geographically. Us moved within a hundred years from largest producer moderate producer. As a block of countries, 2015, middle east = most significant producer. Middle east oil: 47% of proven reserves.
