Oil
When is it predicted to run out?
For decades it has been said we have about 50 years of oil left. This number is calculated off the number of reserves found. The number has stayed the same because we keep finding more reserves. The issue is we are using the new oil just as fast as we are finding it but soon there will be no more to find. Our oil use is expected to peak in 2030 due to electric options.
Pros and cons
Pros:
Oil has a really high energy density, which means a small amount of oil can produce a larger amount of energy. Since it's a liquid it can be easier to transport through pipelines, trucks, railroads, or tanker ships. Oil has a wide range of uses.
Cons:
Oil has been a huge factor in many wars, such as the Iran-Iraq War, the Syrian Civil War, and the Gulf War. This is because many countries are heavily dependent on oil, and changes in oil prices can cause a domino effect, leaving an oil-dependent country feeling vulnerable.
How is it made?
Oil is created from the extraction and refining of crude oil, aka petroleum. These oils contain hydrocarbons, which are formed from plants and animals from millions of years ago in the ocean. These organisms would get buried by layers of rock, silt, and sand. These layers would have so much pressure and heat that these organisms created crude oil.
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Oil is able to create energy through Combustion, Steam Generation, Turbine Operation, Electricity Generation, and Steam Condensation.
How is it used?
First the crude oil is refined into petroleum, then it can be transported either right to the consumer or to oil-fired power plants. Oil can be used for many things including transportation, heating, electricity, industrial processes like manufacturing plants, and petrochemicals which can be used to make plastics and other everyday items.
How is the environment and our health affected?
The burning of these oils increases airborne pollution. As a result, we see an increase in disease in the heart and lungs, mostly. It has been estimated that there are over 10 million premature deaths per year due to oil, mostly in places that rely on oil, like China, India, parts of the eastern United States, Europe, and Southeast Asia. The extraction, refinement, and burning of crude oil have a direct impact on global climate change, this is because it releases greenhouse gases like carbon dioxide and methane. Another huge impact can be oil spills, which affect both wildlife and humans who live nearby. Oil in waters will kill wildlife and destroy and this oil can get in our drinking water, which can cause an upset stomach, Nausea, Diarrhea, Cramping, Vomiting, and irritation to the mouth or throat.
Other Facts
- In 2023, there were around 1.6 trillion barrels of recoverable oil globally.
- The US produced approximately 11.2 million barrels of oil per day in 2022
- The US has the largest proven oil reserves in the world, estimated at over 47 billion barrels
- The US transportation sector accounts for nearly 70% of oil consumption
- The US government collects around $20 billion annually in royalties from oil and gas production on federal lands.
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