Innovations in Crude Oil Production Essay -- Oil Production Essays Pap

Innovations in Crude Oil ProductionThe first oil well was cut in 1859 by Edwin Drake. It burned to the groundseveral months later, notwithstanding had it survived it would only have yielded near 20 barrel ofoil per day, hardly a push down in todays market.(Story) At the time however, it wasconsidered a success and it began a revolution in oil merchandise. Crude oil production inthe world skyrocketed from a few hundred barrels of oil per day to 76 million today.(International) Of course, in the long term, this is not sustainable. In the near futurehowever, it is the goal of the oil industry to continue this growth in order to continue to meet the world demand.Unlike the rest of the world, sodding(a) oil production in the US has gone down, froma high of 9.6 million barrels per day in the 1970s to only 5.7 million barrels of oil perday now. But like the world, demand for oil has gone up. Looking at statistics forestimated US oil supply( Environmental A History of Innovation, p. 9 ) 162 jillion barrels have already been produced 22 billion barrels make up our proven reserves 37 billion barrels are proven, but currently unrecoverable 50 billion barrels are estimated undiscovered and recoverable 351 billion barrels are estimated undiscovered and unrecoverableWith an estimate of around 460 billion barrels of oil remaining, recent productiondeclines are not due to the US running out of crude completely. However, 388 billionbarrels of this expanses crude oil are technologically unrecoverable. What this means isthat technology may exist to recover this oil, but that with todays crude prices, it is not economical to do so. This problem faces oil producing countries all over the world. Thus,... ...o developing renewable energytechnologies that will prepare for a fossil fuel-less future that this technology is bringing closer every day.Works CitedThe Story of Oil in Pennsylvania. Paleontological Research Institution prescribed HomePage . 2004.http//www.priweb.or g/ed/pgws/ bill/pennsylvania/pennsylvania2.htmlInternational Energy Annual 2001 edition, released in March 2003. EnergyInformation Administration (DOE) Official Home Page.http//www.eia.doe.gov/emeu/iea/tableg1.htmlUS Department of Energy. Environmental Benefits of right Oil and GasExploration and Production Technology. Washington 1999.http//www.fossil.energy.gov./programs/oilgas/publications/environmentalbenefits/Enhanced Oil Recovery/ CO2 Injection Office of Fossil Energy (DOE) Official HomePage. 2004.http//www.fossil.energy.gov/programs/oilgas/eor/