GEOG 310 Chapter Notes - Chapter 5: Natural-Gas Processing, Unconventional Oil, Peak Oil
Document Summary
Peak oil production may already be here (by richard kerr): Non-opec oil: oil that is extracted outside of the organization of the. Non-opec oil was originally estimated to overcome the lack of oil supply --> this has not been the case as non-opec oil has not increased since 2004. Although high prices would normally induce more production, this is not the case --> as supply is incredibly limited. Peak oil production in the us --> peaked at 1970s and declined, leading to. This same trend is happening everywhere else in the world. Oil production is forecasted by measuring production against how fast. Unconventional oil: oil that is much harder to extract, only with new technology is this possible (e. g. deep water drilling) Problem with this is that it is hard and expensive to extract, takes. Technology development is not keeping up fast enough to extract the unconventional oil.
