Study of Peak Oil and Gas Essays

Study of Peak Oil and Gas Essays Study of Peak Oil and Gas Essay Study of Peak Oil and Gas Essay In 2004. the universe production of oil was estimated at merely over 29. 7 Bbl. The corresponding universe ingestion for oil during the same period was estimated at 29. 6 Bbl of oil. go forthing a excess of merely under 0. 1 Bbl at the terminal of the twelvemonth. In the United States. one of largest consumer markets for oil and oil merchandises. from the first hebdomad in September 2004 to the first hebdomad in September 2005. gasolene monetary values increased by a astonishing $ 1. 22 per gallon to $ 3. 12 before dropping to $ 2. 25 on November 21. 2005. These figures are rather reeling sing that contracts for petroleum changed custodies at 10 USD/barrel in 1999. With the outgrowth of China in the planetary market and its increasing demand for oil. it is projected that unless oil companies are able to increase the universe production by puting investing in oil and natural-gas production oil monetary values could increase exponentially over the following 10 ( 10 ) old ages. The obvious factor in finding the supply of oil in the universe is the sum of oil that can really be extracted and processed. Oil is basically a non-renewable energy beginning and can non be replenished once it has been extracted from the land. The function of oil companies and states is non in the existent production of oil but in it rationing. A web of scientists called the Association for the Study of Peak Oil and Gas ( ASPO ) which is affiliated with a broad array of planetary establishments and universities surveies the depletion rate of oil. ASPO surveies concern themselves in finding the day of the month and impact of the extremum and diminution of the world’s production of oil and gas. due to resource restraints. The ASPO uses the Peak Oil Theory or the Hubbert Peak Theory which is a method of patterning known oil militias and production rates and routinely used by oil companies to foretell future outputs of bing oil Fieldss ( Legget. 2005 ) . Using this theoretical account. it has been projected that the universe oil production growing tendencies. in the short term. have been diminishing over the last 18 months. Average annual additions in universe oil production from 1987 to 2005 were 1. 2 million barrels per twenty-four hours ( mbbl/d ) ( 1. 7 % ) . Global production averaged 84. 4 mbbl/d in 2005. up merely 0. 2 mbbl/d ( 0. 2 % ) . from 84. 2 mbbl/d ( 13. 4 million m? /d ) in Q4 2004 ( Legget. 2005 ) . ASPO predicts that conventional plus unconventional oil production will top out around 2007 What this information fundamentally means is that the current supplies of oil all over the universe are being depleted and newer beginnings have non yet been discovered. To convey the supply of oil up once more. oil companies must put more in turn uping more oil Fieldss and besides develop new engineerings to better the current refinement processes to let for a more efficient production of oil. This first factor in the supply of oil is fundamentally dependent on the existent sum of oil that can be produced and processed and besides considers the capacity of oil companies to polish oil more expeditiously and to tap other beginnings of oil ( Deffeyes. 2005 ) . This factor nevertheless besides to a great extent depends on the capital investings that oil companies make in the oil industry. One of the chief factors which affect the demand for oil is the monetary value of oil. But given the fact that oil is a necessary resource and that it is a non-renewable energy beginnings. the supply can fundamentally merely remain at a certain Peak degree depending on the sum which can really be processed and the demand besides remains at a certain degree even if oil monetary values continue to lift ( Case. 1999 ) . Normally. if the resources were renewable. there would be perfect snap between the supply and the demand in proportion to the addition or alteration in the monetary value. Therefore. if the monetary value of oil were to increase. it would theoretically ensue in the demand for oil to diminish ( Case. 1999 ) . This premise nevertheless can non be applied to the instance of oil because. as mentioned earlier. oil is a non-renewable resources and remains as the primary beginning of energy in the universe today. This shows the inelastic demand for oil. The ground for this is that since oil remains the chief energy beginning in most states. the demand for oil will stay changeless despite the alterations in the monetary value of oil ( Case. 1999 ) . While theoretically it is expected that there will be a greater demand for oil if the monetary value lessenings. it is of import to factor in the fact that more authoritiess around the universe are implementing energy salvaging policies every bit good as seeking to cut down to dependence on oil as an energy beginning by developing alternate beginnings of energy ( intercrossed autos. solar power. hydroelectric power ) ( Simmons. 2005 ) . The fact that oil is a non-renewable resource must besides be considered. The following factor which affects demand for oil is the handiness of alternate energy beginnings which are cheaper ( Bilgen. 2004 ) . The presence of replacements in a market allows the demand for oil to diminish if the monetary value continues to increase ( Case. 1999 ) . Before discoursing this factor. it is of import to retrieve that the development of alternate energy beginnings is non in proportion to the increasing rate of demand for oil. The presence of replacements in a market affects demand because any addition in the monetary value of the trade good means that the consumers have an alternate and can take down their demand for the trade good and purchase the replacement alternatively ( Case. 1999 ) . The same rule applies for oil except that it must be remembered that the development of these replacements or alternate beginnings of energy takes a well longer sum of clip than conventional replacements. However. under the premise that there are already alternate beginnings of energy available in the market. it can be expected that the demand will respond consequently to any addition in the monetary value of oil. The dependance on oil as an energy beginning will diminish therefore cut downing the demand for oil in proportion to the monetary value additions ( Pimentel. 1998 ) . The challenge remains nevertheless for states and authoritiess to happen ways to happen alternate energy beginnings to cut down the universe dependance on oil as an energy beginning and ease the load that the increasing monetary values have on the consumer. While the authorities may efficaciously modulate its usage. the best solution is still in the development of energy replacements for the market ( Pimentel. 1998 ) . Other factors which besides have an consequence on the demand for oil are things such as the authorities ordinances on the usage of fossil fuels. energy salvaging runs and environmental ordinances. The authorities can implement these steps by increasing revenue enhancements or enforcing mulcts. The consequence that this has on demand is simple. The authorities ordinances efficaciously cut down demand because the consumers are restricted from purchasing more oil. By promoting the execution of energy salvaging policies. oil ingestion is besides greatly reduced therefore impacting the demand. The demand for oil therefore is affected by many factors such as monetary value. handiness of replacements. and authorities intercession in the signifier of revenue enhancements. energy ordinances and monetary value controls. Mentions: Bahree. B. ( 2006 ) Investing by Oil Industry Stalls November 8. 2006 Wall Street Journal November 2006 Bilgen. S. and Kaygusuz. K. ( 2004 ) Renewable Energy for a Clean and Sustainable Future. Energy Sources 26. 1119 Case. K. and Fair. R. ( 1999 ) . Principles of Economics ( 5th ed. ) . Prentice-Hall Deffeyes. K. ( 2005 ) . Beyond Oil: The Position from Hubbert’s Peak. Hill and Wang publication House. Hill and Wang United States Leggett. J. ( 2005 ) . The Empty Tank: Oil. Gas. Hot Air. and the Coming Financial Catastrophe. Random House. Pimentel. D. ( 1998 ) . Energy and Dollar Costss of Ethanol Production with Corn Hubbert Center Newsletter. 98/2. M. King Hubbert Center for Petroleum Supply Studies. p. 8. Simmons. M. ( 2005 ) . Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy. Random House

10 College Majors That Lead to the Highest Salaries

10 College Majors That Lead to the Highest Salaries If you’ve heard any of the dismal stats on student loan debt- like that 44 million Americans owe more than $1.3 trillion in student loan debt- then suddenly that college degree might not seem like the great idea it once did. (As a former English major, I feel that pain.) You shouldn’t let that scare you away from higher ed, though. If you’re a student deciding where to focus, or if you’re thinking about going back to school, the best asset you can have is knowledge of what your game plan is. That means finding a post-school job that will let you pay off your school debt. It also means picking a field of study that will set you up well after you walk off with that hard-earned degree. Salary isn’t the only thing to consider when you’re planning you’re future, but let’s face it- it’s awfully important. While there is some diversity among the highest-paying majors, the main theme is that STEM (Science, Technology, Engineering , and Mathematics) careers are among the hottest out there right now. Let’s look at 10 of the highest-earning majors, based on a survey conducted by Glassdoor, and what you can do with them. Spoiler alert: most of them are in the sciences and technology.1. Computer ScienceMedian salary: $81,430Spotlight job: Web DeveloperWeb developers design and create websites, as well as maintain the day-to-day operations, improvements, performance, and traffic. Developers need to have strong skills in design and computer programming. The median salary for web developers is $64,790 per year, and the U.S. Bureau of Labor Statistics predicts that the field will grow 27% by 2024 (much faster than average).Spotlight job: Software DeveloperSoftware developers handle the creative side of computer programming. They design apps, programs, interfaces, and the underlying systems. Software developers work with user feedback and teams of other computer specialists to create, refine, and improve progra ms. The median salary for software developers is $100,960 per year, and the U.S. Bureau of Labor Statistics predicts 17% growth by 2024.2. Electrical EngineeringMedian salary: $68,438Spotlight job: Electrical EngineerElectrical engineers are responsible for designing, developing, and testing electrical equipment, such as electric motors, radar and navigation systems, communications systems, and power generation equipment.  They work in many different industries, from manufacturing to telecommunications to government agencies. The median salary for electrical engineers is $95,230 per year, and although the U.S. Bureau of Labor Statistics predicting gangbusters growth between now and 2024, the field is expected to stay steady.Spotlight job:  Systems Engineer3. Mechanical EngineeringMedian salary: $68,000Spotlight job: Mechanical EngineerMechanical engineers are true multidisciplinarians- this is one of the most versatile and varied engineering fields. Mechanical engineers design, develop, build, and test mechanical devices, including tools, engines, and machines. The median salary for mechanical engineers is $83,590, and the U.S. Bureau of Labor Statistics predicts 5% growth by 2024.Spotlight job: Industrial DesignerIndustrial designers create designs for manufactured products (including cars, appliances, toys, and consumer products). Industrial designers combine concepts from engineering, business, and art/design perspectives to create user-friendly and attractive products. The median salary for industrial designers is $67,130, and the U.S. Bureau of Labor Statistics predicts modest growth of 2% by 2024.4. Chemical EngineeringMedian salary: $65,000Spotlight job: Chemical EngineerChemical engineers work on the production and use of chemicals, fuel, drugs, food, and many other products, as well as designing processes and equipment for manufacturing, planning and testing production methods, and directing facility operations. They apply chemistry, physics, and engineering principles to their products and processes. Chemical engineers can be found in research facilities, industrial plants, and other laboratory settings. The median salary for chemical engineers is $97,360, and the field is expected to grow about 2% by 2024.5. Industrial EngineeringMedian salary: $64,381Spotlight job: Industrial EngineerIndustrial engineers work to make production and manufacturing processes more efficient. They create systems that coordinate resources (people, machines, materials, information, and energy) to make a product faster, cheaper, and more effectively. The median salary for industrial engineers is $83,470, and the U.S. Bureau of Labor Statistics predicts modest changes of about 1% by 2024.6. Information TechnologyMedian salary: $64,008Spotlight job: Information Security AnalystInformation security analysts are the first line of defense for an organization’s computer network and information. They devise and implement security strategies to gu ard against data theft, cyberattacks, and other digital threats. The median salary for information security analysts is $90,120, and as the number of cyber threats rise, so do job opportunities: the Bureau of Labor Statistics predicts 18% growth by 2024.Spotlight job: Network and Computer Systems AdministratorWith everything going digital these days, network and computer systems administrators have key roles in nearly every organization. They are responsible for the day-to-day maintenance and development of a company’s digital infrastructure. The median salary for network administrators is $77,810, and the field is expected to grow at least 8% by 2024.7. Civil EngineeringMedian salary: $61,500Spotlight job: Civil EngineerIf you’ve traveled on a road, been through an airport, or used a public water system, you’ve enjoyed the handiwork of a civil engineer. These engineers design and supervise construction projects in both the public and private sectors. This can i nclude roads, buildings, airports, tunnels, dams, bridges, and public utilities like water supply and sewage treatment. The median salary for civil engineers is $82,220, and the U.S. Bureau of Labor Statistics expects that there will be 8% more civil engineering jobs by 2024.8. StatisticsMedian salary: $60,000Spotlight job: StatisticianStatisticians collect and analyze data, and use it to help solve real-world problems in business, finance, healthcare, engineering, or other areas. Statisticians are in high demand in both the private and public sectors- for example, insurance companies and government agencies. As we move more and more into a data-driven society, the need for qualified professionals to make sense and strategy out of that data grows by the day. The median salary for statisticians is $80,110 per year, and the field is expected to grow rapidly- 34% by 2024.Spotlight job: Market Research AnalystMarket research analysts are the ones who can tell you if your product is like ly to be a hit or a flop. They analyze complex market factors, and predict sales for a particular good or service. Their research leads to decisions about what products should be, who would buy them, and what price the market will bear. The median salary for market research analysts is $62,150, and the field is expected to grow by 19% by 2024.9. NursingMedian salary: $58,928Spotlight job: Registered NurseThe healthcare field is as strong as ever, and excellent nurses are always in high demand. Nurses coordinate and provide direct patient care, working with patients in many different healthcare settings (hospitals, clinics, schools, facilities, home care, hospices, etc.). The median salary for nurses is $67,490, and demand will grow by 16% (much faster than average) by 2024.Spotlight job: Nurse AnesthetistNurses in this highly specialized area can administer anesthesia before procedures, monitor patients’ vital signs, and oversee patients’ recovery after surgery. They w ork with surgeons, physicians, an anesthetists as part of the surgical care team. The median salary for nurse anesthetists is $160,250, and the field is expected to grow much faster than average, in line with other nursing careers.10. FinanceMedian salary: $54,900Spotlight job: Financial AnalystFinancial analysts are often the voice of financial reason, providing expertise on markets and business to help clients and companies make investment decisions. They monitor the financial markets very closely, particularly the performance of stocks, bonds, funds, and other investment types. The median salary for financial analysts is $80,310, and by 2024 the Bureau of Labor Statistics expects there will be 12% more jobs for financial analysts.Spotlight job: AccountantAccountants are responsible for preparing and analyzing financial records, including taxes and daily financial operations. They oversee day-to-day financial operations to ensure that a company is running efficiently and on budget . The median salary for accountants is $67,190, and the field should grow by at least 11% by 2024.If you’re already in college, or just thinking about it, these majors could be a great option for you if you’re seeking a stable, well-paying career path.