Peak oil Flashcards
1
Q
definition
A
when crude oil reaches its maximum level
2
Q
what happens after peak production?
A
supply will decline and oil prices will increaser
3
Q
finite or renewable resource?
A
finite
4
Q
why is peak oil more important than the point in time oil actually runs out?
A
increase in price as supply decreases
5
Q
enhanced recovery
A
squeezing last drop of oil out of existing wells using water of gas pressure
BUT increases extraction cost
6
Q
unconventional oil
A
e.g. tar sands and oil shades
uses energy and water during extraction
7
Q
protected areas
A
e.g. the arctic
risk to habitats and biodiversity
8
Q
technically difficult
A
e.g. deep water drilling
increased risk of oil spills and accidents
9
Q
why do we like conventional oil?
A
cheap to extract, process and transport
10
Q
importance of oil prices
A
- world economy depends on oil
- used in transport, plastics, chemicals and to generate electricity
- rapid oil prices rise increases costs for businesses and consumers
