Geology GEOL-G 107 Lecture Notes - Lecture 21: Diesel Fuel, Spark Plug, Jet Fuel
Document Summary
If the demand is high while supply is tight, then simple economics would say the price. Demand increase is attributed to the economic growth of china and india, u. s. The transportation system relies heavily on energy derived from petroleum products. Petroleum is a product of crude oil extraction. We get petroleum by refining crude oil into different fractions like gasoline, diesel, and jet fuel, the products which fuel all our major transportation systems: ships, planes, trains, and vehicles. Our transportation costs are directly related to the cost of a barrel of crude oil. There has been an increase in oil demand and a decrease in production causing the price to rise from around a barrel in 200 to about per barrel now. The increase in the market value of oil is what is driving mining of more difficult to extract oil sour(cid:272)es like oil shale"s a(cid:374)d tar sa(cid:374)ds (cid:449)hi(cid:272)h are (cid:373)i(cid:374)ed usi(cid:374)g fra(cid:272)ki(cid:374)g techniques.
