Crude oil is a global commodity

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GEOL-1340-01F – Environmental Geology

 

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Crude oil is a global commodity

M12 Discussion- Conventional Fossil Fuel Resources

Crude oil is a global commodity, which means its price is set not by the United States, but by the world market.  The reason is that the world currently consumes about 83 million barrels/day, whereas the U.S. produces only 5.7 million barrels/day.  Thus, even if the U.S. were to somehow double its production, a very remote possibility, the impact on the price of crude would be relatively minor.

 

Given the fact the world production of crude continues to struggle to meet demand and that U.S. cannot control the price, explain whether you think the U.S. should open up drilling in environmentally sensitive areas (e.g., Florida coast, Arctic National Wildlife Refuge), or simply place our emphasis on developing alternative energy resources.

In this assignment, I specifically want to see numbers backed up with sources.  Everybody has an opinion.  I want to see people convincing other students of their opinion through real data.  I will be giving up to 20 points rather than 14 for very good discussions.  A very good discussion will

– have a well written argument with supporting data

– references supporting the data

– be passionate but not irrational

– respond to several other students and incorporate their idea with your own

Let me know if you want me to grade your discussion.

 

Crude oil is a global commodity

 

 

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