Investigate the estimated resource base of world energy supplies of either crude

Question

Investigate the estimated resource base of world energy supplies of either crude oil or natural gas ( choose one ) . One useful website is ( www.eia.doe.gov ) .
Comment on when or whether we might be running out of this non renewable resource based on current estimates . Also discuss whether the environmental implications of futur energy resource extraction might change because of the location or difficulty of exploiting the remaining reserves .
Summarize your findings in a BRIEF report. ( Must be not longer than 1 and a half page on standard size pages

Explanation / Answer

The crude oil resources contain all crude oil that can be produced from the reservoirs with the help of bore wells using the primary, secondary, modern or other technologies. these resorces does not contain liquids of the mined deposits like tar, sand or oil shale or artificial liquids like gas to liquids or coal oil. Earth has reservoirs of crude oil but the volume of the crude oil is limited. The reservoirs existing on the Earth are mostly found and almost all the reservoirs have started exploring and extracting the crude oil from it.

The demand for the production and usage of the crude oil or petroleum products has been increased and increasing every year. The demand for petroleum and its products is more for the developing countries like India and China and less in countries like Africa and South America. The demand for the petroleum and its products are increasing due to increased means of transportation, where the vehicles use internal combustion engines.

From the various studies and researches made by the United Geological Survey, it known that rate of the demand increase by 2 percent extending to the production peak and then decreasing from the peak at a constant R/P ratio of 10. In this ratio, the world crude oil will reach to its peak by 2037 at a volume of 53.2 billion barrels per year.

The world crude oil may not completely run out but the cost of the crude oil increases drastically with the absence of low cost alternatives for the crude oil. the crude oil reaches to its peak depending on the rate of demand growth, which may reduce with the usage of alternatives for crude oil like usage of hybrid powered automobiles and hydrogen fed duels. It also depends upon the rate at which the technology is developing.

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