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Please combine your Essay 2, 3, and 4 into a cohesive research essay based on your issue. You may do this by cutting the text of your essays together, using the introduction from Essay 4 as your introduction to your essay, removing the redundant information, and revising or rewriting transitions from essay section to essay section. This essay will be evaluated using the same rubric used to evaluate all other essays in this course
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Surname 1
Oil, the most important commodity
It is true to say that Oil is a crucial thing in the lives of all people in the world. Its
significance can be traced back from the days of Churchill when security was a major issue
(Kruse, Felix). During this time the world experienced the first mechanized war where oil played
the most crucial role for the fighting countries. Imagine living in world without oil how life
would be difficult. The impact oil has on the lives of people cannot be understated as the history
and today statistics suggest. According to the survey which was conducted in the year 2002 by
the United States by the department of geological survey, it has explained the importance of oil,
giving facts and statistics. This is not only captivating to researchers and experts who loves
complex facts and data but is also easy to understand for any person with interest in Oil and its
importance to the world.
Oil is a necessity to many factories which manufacture various products for human
consumption. This makes oil a Secondary need if not basic as some may suggest .Oil is also able
to sustain any country and trigger the economic growth rapidly. Imagine a case where a country
gross domestic product depends that has always relied on oil is cut short, what would happen?
Running out of oil means that financial conditions of such countries are endangered. This is
because oil offers Foreigners and countrymen income from working in big companies especially
in Middle East. In addition, Specialist foreigners like engineers, accountants, drivers and security
guards are dependants of such oil companies. The paper also provides an overview of countries
generating oil, their past oil history, discovered oil reserves and also the trends in which those
countries are taking concerning oil.
Surname 2
The economy of many Middle East countries primarily depend oil and if the processing
of oil was deteriorating, the level of economy also goes down. This is the reason why the Middle
East population is considered to be rich. Worldwide, Oil is consumed making its demand always
high. For example, Plastics are used in every aspect of human life. Several processes are
involved in the manufacturing of plastics from the crude oil. This means that if oil was to cease
in production, there will be no more plastics manufactured. The product and goods will not be
wrapped or kept without plastic and this will make life very difficult for the people. Not only the
plastics are made from oil but there are also other activities which cannot run without the use of
oil such as Motors, aircrafts, and trains ships and also industries. Electricity is also is produced
through the use of oil.
In the United States, it is proven that with the exclusion of reserve of strategic petroleum,
crude oil level had reached 36.4 billion barrels by the end of year 2014. These reserves of 2014
proved that it was the greatest reserve since the year 1972. Earlier in 1988, the production level
of crude oil in the United States had declined due to the production obtained from Alaska though
it later increased between 2009 and 2015. It is noteworthy that between 1970 and 2006, oil
production was reported to be 102 billion barrels (Bird, Kenneth, and David Houseknecht). As
the oil price peaked, more projects were carried and the oil produced domestically has increased.
United States took fewer years to develop their field of oil. To proof this, there was an
increment of about 800,000 barrels of oil in the year 2012. This was record breaking event since
the time drilling of oil started in 1859. Currently the state has opened many drilling localities in
Saudi Arabia and even in Russia. Experts in the field of oil suggest that USA could surpass
countries like Saudi Arabia to be the largest producer of oil worldwide.
Surname 3
Recoverable oil barrels in the United States is estimated to be134 billion. More than 1
million wells of oil have been drilled since the year 1949 in the United States of America.
According Geological Survey of United States, undiscovered onshore of oil barrels are estimated
to be about 48.5 billion. The geological survey has been assessing the priority basins of oil and
gases in the country. Those priority areas discovered by the survey are the formation of Bakken,
ANWR coastal plain and the Reserve Petroleum of Alaska. (Anon, 2017)
The area around Artic national wildlife refuge contained oil reserves estimated to be 5.7
to 16 billion barrels which was undiscovered. The EIA utilized this report to assess the
estimation of the potentiality of cumulative oil production in the area of the 1002 AZWR to be
4.3billion barrels between the years 2018 to 2030. This estimation is considered to be the best to
have been done of recoverable oil in the production years of the area after the legislation was
passed to start drilling oil. The production of oil is also estimated o have increased from
1767milion units in 2010 to 3104 million units in 2015 (“U.S. Total Crude Oil Proved Reserves,
Reserves Changes, And Production”). This is a tremendous increase and reflects the economy growth of
the country.
USGS had released a report on a new assessment on April 2008, which focused on the
Bakken formation located in North Dakota and Montana respectively. The United States
Geology Survey has a belief that with the advancement on current technology in drilling, there
exists a barrel of oil ranging 3-4.5 billion which is undiscovered. If this estimation is right, it
would make the place the largest accumulation of oil to have been discovered in the United
States of America history. In addition, this formation is regarded to possess significant figures of
oil barrels exceeding 150 billion. There is uncertainty as to what volume of oil is accessible with
the current use of the technology available in the drilling of oil. Harold claimed that the share of
Surname 4
the recoverable oil seems to reach massive figure barrels of 24 billion. This means that there is
more crude oil that is expectable in the Bakken formation than other oil drills in the country.
In 2015, prices of oil dropped by 47% than the previous year, which caused investors to
postpone their developmental plans. They opted to technically improve their crude oil reserves
to try boosting again the prices. In the same year, 2015, there was felt net increase in proven
crude oil reserves through the developments of Bone spring and Shale of Wolfcap in Delaware
Basin located in New Mexico.
Consequently, natural gas dropped by 42% in 2015 forcing the operators to do the same
thing like they did to oil reserves. United States gave statistical proof that reserves of natural
gases had declined by 16.6%. Natural gas at Ohio was increased by 5Tcf which overtook the
Mexico Gulf and Arkansas to be ranked as number nine largest reserve state of natural gas. In the
ten consecutive years, the production of natural gas in USA was increasing. An increment of 4%
was recorded from 2014. Land Management Bureau suggests that currently, United States of
America contain the biggest oil shale in the world and hold in possession about 2.175 trillion of
oil barrels which are recoverable.
Oil is essential in the world that we live in. the electricity generation is made possible by
use of oil. According to EIA research, United States gets its electricity from coal, natural gas and
petroleum. Each has its contribution with coal having the highest, followed by the natural gas
and petroleum with the list. This research shows that approximately 67% of energy generated in
the country comes from the oil derivatives which are produced in the power stations. Big
turbines are used to move the power generators and the natural gas is the main source of fuel
used to power those turbines when generating the electricity. Oil availability makes the whole
process of generating electricity to be a success. Imagine what will happen if oil was not
Surname 5
available! Homes that use electricity will be opted to use a candle which is an awkward scenario
to happen in big homes.
Suppose there is decline in the amount of oil, the little amount of oil that would be in
reserves would belong to the private sector and the government. Prices of commodities and the
standards of living will be costly resulting to an economic crisis due to inflation. Countries like
Nigeria, Venezuela and Algeria that do not have other major economic activities other than oil,
will be left devastated if oil well were to dry.
To conclude, heavy reliance of oil production can cause a country to experience an
economic shock. The UN has foreseen this and has come up with a plan to prevent such shock by
suggesting an alternative usage of renewable resources. They held a talk which brought countries
together for the purpose of convincing them to convert to green energy. To date Moroccans are
leading other countries in this attempt. If countries were to adopt this measure, the likelihood of
experiencing drought of energy in the future will be low. However, Oil remains to be the most
important thing in the universe for the human race.
Surname 6
Work cited
Bird, Kenneth, and David Houseknecht. “U.S. Geological Survey 2002 Petroleum Resource Assessment Of
The National Petroleum Reserve In Alaska (NPRA).” 2002, https://pubs.usgs.gov/fs/2002/fs045-02/.
Energy Information Agency, (EIA ,2007). “Petroleum Basic Statistics”. U.S. Department of
Energy. Retrieved 2008-08-17.
Kruse, Felix. Oil Politics: The West And Its Desire For Energy Security Since 1950. Hamburg,
Anchor Academic Publishing, 2014,.
“U.S. Total Crude Oil Proved Reserves, Reserves Changes, And Production.” Eia.Gov, 2016,
https://www.eia.gov/dnav/pet/pet_crd_pres_dcu_NUS_a.htm.
Surname 1
Oil, the Most Important Commodity
Introduction
Oil remains the most crucial thing in the lives of people in the world today. Its
significance can be traced back to the days of Churchill when security as a major issue (Kruse,
Felix). In this period, the world experienced the first mechanized war. Oil played the biggest role
for the countries that were in the war. Imagine living in a world without oil, how would life be?
Obviously difficult for everyone. Statistically, history shows how much oil is significant to
people even today. Even in the world today, statistical journals prove the same. According to a
survey done by the United States Department of Geological Survey (2002), the importance of oil
is supported by facts and data but also an easier way for any person interested in oil to
understand the importance of oil in the world. Therefore, the purpose of this essay is to present
evidence that proves that oil remains the most significant commodity in the lives of people
across the world. A world without oil would be a stagnating world. The paper also provides an
overview of countries generating oil, their past oil history, discovered oil reserves and the oil
trends evident in those countries.
Why Is Oil So Important?
Why is oil so important more than any other commodities like natural gas, plastics,
mobile phones, and cars? Many factories in major world economies and third world countries
depend on oil for the manufacture of their products meant for human consumption. The oil then
becomes a primary and basic need for other commodities. Therefore, for sustainability of a
country’s industrial sector, the oil must exist. Every country’s Gross Domestic Product depends
on oil such that a reduction in the supply of oil means a deterioration of the financial conditions
of that particular country. In other words, the economy would be endangered because every
Surname 2
sector of the economy depends on oil. Such an emphasis and repercussions have not been seen
when other commodities like gas run short of supply, oil is always an alternative.
The nature of investment by most world economies on oil shows the importance of oil as
compared to other commodities. The economy of many Middle East countries primarily depends
on oil. If the processing of oil deteriorates, the level of the economy also goes down. This is the
reason why the Middle East population is considered rich.
Worldwide, oil is consumed making its demand always high. For example, plastics are
used in every aspect of human life. Several processes are involved in the manufacturing of
plastics from the crude oil. This means that if oil were to cease in production, there would be no
more plastics manufactured. Products and goods would not be wrapped or kept without plastics.
This would make life very difficult for the people. Apart from plastics, other activities cannot run
without the use of oil such as motors, aircrafts, and trains ships and industries. Not many
countries have access to alternative source of energy like gas to fuel such locomotives. This
renders oil the most important amongst other commodities.
Electricity is also is produced using oil. According to EIA research, United States gets its
electricity from coal, natural gas, and petroleum. Each has its contribution to coal having the
highest, followed by the natural gas and petroleum with the least. This research shows that
approximately 67% of energy generated in the country comes from the oil derivatives, which are
produced in the power stations. Big turbines are used to move the power generators and the
natural gas is the main source of fuel used to power those turbines when generating the
electricity. Oil availability makes the whole process of generating electricity to be a success.
Imagine what will happen if oil was not available! Homes that use electricity will be opted to use
a candle, which is an awkward scenario to happen in big homes.
Surname 3
Statistical Evidence of the Importance of Oil to Other Commodities
The importance of oil to other commodities in the world is evident in the manner in
which world economies invest large amounts of capital to explore oil and the nature of the
reports produced. Many countries no boast of large reserves of oil as compared to others. The
United States is no boasting of large oil deposits that could surpass the production done in the
Middle East.
In the United States, the exclusion of reserve of strategic petroleum made crude oil levels
to increase to 36.4billion barrels by the end of the year 2014. These reserves of 2014 proved that
it was the greatest reserve since the year 1972. Earlier in 1988, the production level of crude oil
in the United States had declined due to the product obtained from Alaska though it later
increased between 2009 and 2015. It is noteworthy that between 1970 and 2006, oil production
was reported to be 102 billion barrels (Bird, Kenneth, and David Houseknecht). As the oil price
peaked, more projects rolled started and the oil produced domestically increased. This kind of
investment in the production of oil has put the US in the leading front, thus showing ho oil is
important.
The most developed commodity in the US remains oil because it took the country few
years to develop their oil fields. In the year 2012, there was an increment of about 800,000barrels
of oil. This was a record-breaking event since the time drilling of oil started in 1859. Currently,
the state has opened many drilling localities in Saudi Arabia and Russia. Experts in the field of
oil suggest that the USA could surpass countries like Saudi Arabia to be the largest producer of
oil worldwide. Why this kind of competition in oil production and not any other commodity? It
is because oil remains a necessity in all circles as compared to other commodities.
Surname 4
Recoverable oil barrels in the United States is estimated to be134 billion. More than 1
million wells of oil have been drilled since the year 1949 in the United States of America.
According to Geological Survey of United States, undiscovered onshore of oil barrels are
estimated to be about 48.5 billion. The geological survey has been assessing the priority basins
of oil and gases in the country. Those priority areas discovered by the survey are the formation of
Bakken, ANWR coastal plain and the Reserve Petroleum of Alaska.(Anon, 2017). This kind of
extensive oil exploration shows how significant it is to the economy of US.
The area around Arctic National Wildlife Refuge contained oil reserves estimated to be
5.7 to 16 billion barrels which were undiscovered. The EIA utilized this report to assess the
estimation of the potentiality of cumulative oil production in the area of the 1002 AZWR to be
4.3 billion barrels between the years 2018 to 2030. This estimation is considered to be the best to
have been done of recoverable oil in the production years of the area after the legislation was
passed to start drilling oil. The production of oil is also estimated to have increased from
1767milion units in 2010 to 3104 million units in 2015(“U.S. Total Crude Oil Proved Reserves,
Reserves Changes, And Production”). This is a tremendous increase and reflects the economic
growth of the country.
USGS had released a report on a new assessment on April 2008, which focused on the
Bakken formation located in North Dakota and Montana respectively. The United States
Geology Survey has a belief that with the advancement of current technology in drilling, there
exists a barrel of oil ranging 3-4.5 billion, which is undiscovered. If this estimation is right, it
would make the place the largest accumulation of oil to have been discovered in the United
States of America history. In addition, this formation is regarded to possess significant figures of
oil barrels exceeding 150 billion. There is uncertainty as to what volume of oil is accessible with
Surname 5
the current use of the technology available in the drilling of oil. Harold claimed that the share of
the recoverable oil seems to reach massive figure barrels of 24 billion. This means that there is
more crude oil that is expectable in the Bakken formation than other oil drills in the country.
When Oil Prices Dropped?
In 2015, prices of oil dropped by 47% than the previous year, which caused investors to
postpone their developmental plans. They opted to technically improve their crude oil reserves
to try boosting again the prices. In the same year, 2015, there was felt a net increase in proven
crude oil reserves through the developments of Bone spring and Shale of Wolf cap in Delaware
Basin located in New Mexico.
Consequently, natural gas dropped by 42% in 2015forcing the operators to do the same
thing like they did to oil reserves. The United States gave statistical proof that reserves of natural
gases had declined by 16.6%.Natural gas in Ohio was increased by 5Tcf which overtook the
Mexico Gulf and Arkansas to be ranked as number nine largest reserve state of natural gas. In the
ten consecutive years, the production of natural gas in the USA was increasing. An increment of
4% was recorded from 2014. Land Management Bureau suggests that currently, United States of
America contain the biggest oil shale in the world and hold in possession about 2.175 trillion of
oil barrels which are recoverable. The above report and incidences show that the production of
many commodities depend on oil and therefore a drop its production and pricing affects other
commodities like gas.
Suppose there is a decline for oil, the little amount of oil that would be in reserves would
belong to the private sector and the government. Prices of commodities and the standards of
living will be costly resulting in an economic crisis due to inflation. Countries like Nigeria,
Surname 6
Venezuela, and Algeria that do not have other major economic activities other than oil, will be
left devastated if oil well were to dry.
Conclusion
The heavy reliance on oil production can cause a country to experience an economic
shock. The UN has foreseen this and has come up with a plan to prevent such shock by
suggesting an alternative usage of renewable resources. They held a talk, which brought
countries together to convince th …
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