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Future of the World's Oil

 

These developments would seal our fate. As Americans our modern society and culture revolves around an abundant use of petroleum products. Today, many products are made with petroleum and its byproducts. Petroleum is used in more than just the production of fuels. The alkenes from the petroleum are manufactured into plastics. Many of the products we use in our modern world are composed of the plastics. Machine oils, grease and various lubricants are manufactured from petroleum as well. Proper lubrication of machine parts increases the life of the equipment. Without proper lubrication machinery and tools simply would not last. Wax, asphalt, and sulfur (or sulfuric acids) are just a few more uses of petroleum and its hydrocarbons. The demand for petrochemicals has driven many countries to pursue and promote oil production and refinement. Currently, Saudi Arabia, Russia and the United States produce almost 35% of the world's oil. The United States oil production peaked around 1970 while countries like Saudi Arabia, Iran and Russia have been taking steps to increase production since 2000. The United States currently consumes almost twice that of its closest competitor in consumption, China. The demand for oil continues to increase, raising questions about producing in new oil rich areas not yet tapped. .
             American oil producers have expanded operations in many areas and have been producing oil in places that have received resistance among some politicians and environmentalists. Currently, Prudhoe Bay, Alaska is North America's largest oil field. Recent expansion of shale plates in Texas and Oklahoma has further bolstered the supply. Prudhoe Bay is just a small portion of the oil rich areas beneath Alaska. Producers want to open up the rest of the area that can produce oil. For the past few years producers have been attempting to get the ban lifted on drilling in the Northern Slope area and the Arctic National Wildlife Refuge (ANWR).


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