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Encyclopedia > Oil supplies

Crude oil is a finite resource. It has been estimated that there is a total of 2,390 billion barrels (380 km³) of crude oil on Earth, of which about 30% has been used so far. Most known reserves are concentrated in the Middle East — around 41%, and the Saudi national oil company controls the largest amount of proven oil reserves in the world. North America and Russia are also rich in crude oil. Nodding donkey pumping an oil well near Sarnia, Ontario, 2001 Petroleum (from Latin petrus – rock and oleum – oil), mineral oil, or crude oil, sometimes colloquially called black gold, is a thick, dark brown or greenish flammable liquid, which exists in the upper strata of some areas of the Earths... In mathematics, a set is called finite if and only if there is a bijection between the set and some set of the form {1, 2, ..., n} where is a natural number. ... Resources comprise the base material for an activity or industry: See resource (economics) for the term as used in economics See human capital for human resources (HR) and innovation See natural resources for material matter See resource (computer science) for the computer science meaning of resources See resource (political) relating... The barrel is the name of several units of measurement. ... Earth, also known as the Earth, Terra, and (mostly in the 19th century) Tellus, is the third-closest planet to the Sun. ... A map showing countries commonly considered to be part of the Middle East The Middle East is a region comprising the lands around the southern and eastern parts of the Mediterranean Sea, a territory that extends from the eastern Mediterranean Sea to the Persian Gulf. ... Saudi Aramco, the national oil company of Saudi Arabia (formerly just Aramco, standing for the Arabian American Oil Company), is one of the largest oil corporations in the world and the worlds largest in terms of proven crude oil reserves and production. ... World map showing location of North America A satellite composite image of North America North America is a continent in the northern hemisphere, bounded on the north by the Arctic Ocean, on the east by the North Atlantic Ocean, on the south by the Caribbean Sea, and on the west...


Estimates of undiscovered reserves range widely from 275 to 1,469 billion barrels (44 to 234 km³), with Current estimates are that oil reserves will become scarce by the 2050s, although this date has been pushed forward many times as new oil fields are discovered. However, these numbers must be treated carefully as they include only reserves that are economically recoverable at present. They do not include tar sands and bitumen, nor do they take into account possible coal-derived production, or recycling from tires, junkyard plastics, and crumbling asphalt roads. These reserves, if recovered, would provide enough petroleum to supply all human needs and growth for centuries to come. Drilling rig in a small oil field Near Sarnia, Ontario, 2001 An oil field is an area with an abundance of oil wells extracting petroleum (oil) from below ground. ... Open pit mining Tar sands, also referred to as oil sand or bituminous sand, is a combination of clay, sand, water, and bitumen. ... Bitumen Bitumen is a category of organic liquids which are highly viscous, black, sticky and wholly soluble in carbon disulfide. ... Coal is a fossil fuel extracted from the ground either by underground mining, open-pit mining or strip mining. ... Firestone tire A tire (U.S. spelling) or tyre (UK spelling) is a roughly toroidal piece of material placed on the circumference of a wheel, either for the purpose of cushioning or to protect the wheel from wear and tear. ...


The estimates also do not include any reserves in Antarctica, whose hostile conditions have made exploration impossible so far. Although none of these sources are currently economical, they could be used to produce significant quantities of hydrocarbons in the future, and they may become important as crude oil production dwindles, or if new technology makes them easier to exploit. // Definition In chemistry, a hydrocarbon is any chemical compound that consists only of carbon (C) and hydrogen (H). ...


Higher crude oil prices also make these sources more attractive; industry observers believe that sustained prices above $40/bbl will provide the incentive and return-on-investment to make previously undesirable oil deposits seem relatively cheap.


Between 1859 and 1968, 200 billion barrels (31 km³) of oil were used. In 2004, as prices reach record highs, world consumption is on track to 30 billion barrels per year. [1] 2004 is a leap year starting on Thursday of the Gregorian calendar. ... Consumption is the using up of a resource. ...


As all of the cheap oil on earth is used up, a vast number of oil-derived products will become more expensive to produce, including gasoline, lubricating oils, plastics, tires, roads, synthetic fabrics, etc. Science has so far been unable to find an affordable alternative to any of these products, even when compared to crude oil prices of $50/bbl and above. Gasoline, as it is known in North America, or petrol, in many Commonwealth countries (sometimes also called motor spirit) is a petroleum-derived liquid mixture consisting primarily of hydrocarbons, used as fuel in internal combustion engines. ... A lubricant (colloquially, lube, although this usually refers to personal lubricants) is a substance (usually a liquid) introduced between two moving surfaces to reduce the friction and wear between them. ... Plastic is a term that covers a range of synthetic or semi-synthetic polymerization products. ... A road is a strip of land, smoothed or otherwise prepared to allow easier travel, connecting two or more destinations. ... Cloth Fibre Channel fabric ...


See also


  Results from FactBites:
 
Oil supplies - Wikipedia, the free encyclopedia (325 words)
It has been estimated that there is a total of 2,390 billion barrels (380 km³) of crude oil on Earth, of which about 30% has been used so far.
Most known reserves are concentrated in the Middle East — around 41%, and the Saudi national oil company controls the largest amount of proven oil reserves in the world.
Estimates of undiscovered reserves range widely from 275 to 1,469 billion barrels (44 to 234 km³), with Current estimates are that oil reserves will become scarce by the 2050s, although this date has been pushed forward many times as new oil fields are discovered.
  More results at FactBites »

 
 

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