Sicily ’43
Oil and gas industry
Oil Gas Industry
Fady Mansour
Tavis Golden
ECO360
University of Phoenix
Instructor: Tom Eustace
August 14, 2007
Kerosene in one form or another has always been the most valuable natural resource in the world. More than four thousand years ago, Herodotus, a Greek historian of the fifth century BC and Diodrus Siculus, a historian of Agyrim Sicily in 90 BC CA-CA 30 BC discovered that Babylon used Asphalt black substance found in Petroleum during the construction of walls and towers of Babylon. In 1410 AD, were Native Americans harvest oil for medicinal purposes. That was in 1859, in the quiet farm country of northwestern Pennsylvania, the drilling of the first main key oil well occurred. This well began to be known as the Drake Well after the name "Colonel" Edwin Drake, the man who gave the idea to drill the well for commercial use. This was the first phase of the history of oil industry, which gave new lease for our lives. (The Paleontological Research Institution, The History of Oil)
Today, oil and gas industry touches all areas of our lives. It is the most impoverished and still most widely used natural resource of economies worldwide. With the increase in new explorations and technological development, the natural oil and gas production exceeds the number of two billion cubic feet per day, and in Currently Devon Energy is one of the major and independent oil and gas producers in the U.S.. Based in Oklahoma City, is supplying three percent of the gas consumed in North America and produces 600,000 barrels of oil a day. The company is also drilling more than 2,000 oil wells each year in North America in an area stretching from the Gulf of Mexico to the north when in Canada. (O & G Next Generation Oil and Gas, 2007)
There are many unpredictable reasons, and over all economic growth, continuous developments in technology, changes in energy prices, changes in weather patterns and public policy decisions that led to the changes in levels of production and demand and supply. According to the Energy Information Administration's projections from 2007 to 2030, total production of domestic liquid includes petroleum, natural gas plant liquids refinery technology gains and other refinery inputs, expected to see a huge increase. The reason behind the increase is growth in the refining process and other refinery inputs. It is expected that this growth will offset any expected decline in crude oil production after the 2017th This increase in production due to a certain extent to the high-tech oil extraction methods increase in production in deep water in Gulf of Mexico, higher resource assumptions for the Bakken Shale formation in the Williston Basin. (Energy Information Administration, 2007)
As per AEO2007 reference case, total domestic production of natural gas, including the supply of complementary natural gas reflects an increase from 18,300 billion cubic feet in 2005 to 21100000000000 Cubic meters by 2022. (Energy Information Administration, 2007) This clearly shows that in-spite of the factors that led to the rise in energy prices since 2000, the growing influence in developing countries worldwide energy needs, adoption of laws and regulations in the U.S., increasing demand for alternative energy and the need for energy technologies do not inhibit growth of oil and gas industry.
USA is one of the largest economies in the world with per capita GDP to be $ 43,500. (Central Intelligence Agency, 2007). The economy in the U.S. depends on petroleum for fuel used for transportation purposes. Seeing the current economic situation and increase in demand for fuel, demand for light oil production worldwide is expected to rise and will reach the point where the supply of oil will be going to be much less than demand. This will result in an imbalance in supply and rise in the price of oil and fuel, especially for military and strategic purposes. More than 60 percent of the fuel requirements of the USA met by imports, and at this current situation, the U.S. has to bear the cost of the price level of $ 55/Bbl could be increased two-fold, from 9.9 MM barrels / d to nearly 20 MM Bbls/dby2025. (Online Edition) Since imports will increase, there is every opportunity that America at risk price shocks, supply interruptions, and fuel is missing. According to EIA / AEO estimates, the average import price of oil from 2005 to 2020 could make the United State gross domestic product will be reduced by more than 1.100 billion dollars. (Online Edition) The Department of Energy and the Honourable President of America suggested that the need of hour is to trust the domestic sources of growth in liquidity. (Online Edition) And the best source is the manufacture of Shale Oils; converted into liquid fuel, fuel for the transport of military and civilian purposes. Currently, oil shale resources can be found in Colorado, Wyoming and Utah and hopes are on the anvil that with government efforts on industry and other stakeholders can produce oil shale reach 2 MM bbl / D in 2020. (Online Edition)
Prices of Crude Oil has been showing an increase since last two months is expected to reach the top of its monthly average price in August. RAC of crude oil in 2007 is estimated at a amount equal to 64.86 per barrel compared to $ 60.23 per barrel in 2006 and in 2008 is expected to be 68.75 per barrel. This increase is due to the tight world oil supply and demand balance.
2007 may witness the rise in total gas consumption by 4 percent, and LNG imports may go up to 850 BCF, which would be a record in the top scale. This is evident from the fact that despite the increase in demand for bio-fuels and other non-hydroelectric renewable energy sources and subsequent construction of new nuclear power stations, oil and gas industry is expected to deliver the same 86-percent share of total U.S. primary energy in 2030, where they gave in 2005
Year after year, there has been much less growth in retail sales of only 3.2% year in April while there has been increase in gas stations. Because of the growth in wholesale energy prices to 3.4 per cent, Producer Price Index (PPI) increased to 0.7% in April. Because of the rise in oil prices and stable demand, there was a trade deficit of $ 6 billion. (Pod cast Directory, 2007).
According to the Chicago Fed's annual Automotive Outlook Symposium, economic growth in 2007 appears to be slower than in 2006, with inflation and unemployment increased. Prices of energy also rose in mid-month by 2006, but after that they fell at an average of $ 60 per barrel in the fourth quarter. This led to an increase in inflation by 1.9 percent as measured by consumer price index (CPI) which is less than 3.7 per cent than the previous year. (Strauss & Engel, 2007)
This phrase "Oil floats Nation grows" is manifestly true when it comes to oil and gas. The rise in oil prices also increases the over all consumer price index, especially in September 2005 which was 1.2 percent higher in 25 years. The increase inimports of energy increases the trade deficit, on the average increase in oil prices of 10 percent leads to 150,000 Americans to lose their jobs, and beyond that we had to lose between 80 billion dollars and 160 billion dollars in economic growth. In September 2005 it was estimated that 40 percent increase in gas prices reduced total domestic consumption by 0.4 percent and GDP fell to an estimated 0.9 percent. Indeed, even private consumption was reduced. But there is an increase in profits among the largest players in the oil and industry minister. Only in early 2005, the five largest oil companies were making profits of $ 52.2 billion, which was smaller in 2004, only 39.5 billion dollars. (Democrats Policy Committee, 2005).
The study of the impact of Oil Price of An International Energy Agency in 2004 revealed that the consequences of the high prices on the economy will be minimum, and this proves to be as high oil prices were the main macroeconomic variables. It seems quite clear that with new technologies are emerging to oil and gas industry strike more. Earnings from Commerce will be invested in new technology, new production processes and environmental and product quality improvements to meet the requirements of Generation next. According to Oil & Gas Journal estimates, spends the Industry $ 85,700,000,000 in 2005, while in 2004 using only $ 80700000000 in 2004 and in 2003, $ 75,500,000,000. (Cavaney, 2006). Threat to Oil Industry is from alternative energy sources such as biofuels and other non-hydroelectric renewable energy sources and then construction of new nuclear plants, yet oil and gas industry is expected to deliver the same 86-percent share of total U.S. primary energy in 2030 where they were given in 2005.
(Energy Information Administration, 2007). As the study above shows that although production of oil and gas is rising, but it is unable to meet demand and to maintain a balance between supply and demand, government and the Energy Department is taking steps to increase Shale Oils for liquid fuels.
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