INTST101 Lecture 10: Chapter 10
14 Sep 2016
School
Department
Course
Professor
Document Summary
11:03 pm: peak oil history o o. 1956 by m. king hubbert that oil production would peak in 1970 and then keep falling. Fall would take place the same time india and india"s demand of oil would increase o o application of theory to united states and global petroleum production. China has smallest oil reserves but it"s the largest consumer now. Future seemed bleak as developed nations of europe asia and north america entered into intense competition for the remaining oil. After 2010 us oil production greatly increased with fracking o o: fracking, process. Process by which fluid under high pressure is pumped into petroleum-bearing rocks, which creates fractures to release gas or petroleum: implications for oil and gas. Pennsylvania supply of natural gas increased so rapidly that price collapsed. Natural gas became base element of petrochemicals, fertilizers and other products. Put pressure on electricity costs and creating alternative energy source for fleets of vehicles.
