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

Innovations in Crude Oil Production The first oil well was drilled in 1859 by Edwin Drake. It burned to the ground several months later, but had it survived it would only have yielded around 20 barrels of oil per day, hardly a drop in today’s market.(â€Å"Story†) At the time however, it was considered a success and it began a revolution in oil production. Crude oil production in the world skyrocketed from a few hundred barrels of oil per day to 76 million today. (â€Å"International†) Of course, in the long term, this is not sustainable. In the near future however, 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, crude oil production in the US has gone down, from a high of 9.6 million barrels per day in the 1970’s to only 5.7 million barrels of oil per day now. But like the world, demand for oil has gone up. Looking at statistics for estimated US oil supply( â€Å"Environmental† : A History of Innovation, p. 9) :
162 billion 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 unrecoverable With an estimate of around 460 billion barrels of oil remaining, recent production declines are not due to the US running out of crude completely. However, 388 billion barrels of this country’s crude oil are technologically unrecoverable. What this means is that technology may exist to recover this oil, but that with today’s crude prices, it is not economical to do so. This problem faces oil producing countries all over the world. Thus,... ...o developing renewable energy technologies that will prepare for a fossil fuel-less future that this technology is bringing closer every day. Works Cited â€Å"The Story of Oil in Pennsylvania.† Paleontological Research Institution Official Home Page . 2004. http://www.priweb.org/ed/pgws/history/pennsylvania/pennsylvania2.html â€Å"International Energy Annual† 2001 edition, released in March 2003. Energy Information Administration (DOE) Official Home Page. http://www.eia.doe.gov/emeu/iea/tableg1.html US Department of Energy. â€Å"Environmental Benefits of Advanced Oil and Gas Exploration and Production Technology†. Washington: 1999. http://www.fossil.energy.gov./programs/oilgas/publications/environmentalbenefits/ â€Å"Enhanced Oil Recovery/ CO2 Injection† Office of Fossil Energy (DOE) Official Home Page. 2004. http://www.fossil.energy.gov/programs/oilgas/eor/