0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
When the price of oil drops this usually means that OPEC has done what?
Increased Oil Production.
Curret world production of oil?
Current Oil Production in the World: 81,820,404.59 barrels per day (bbl/day)
What is the GDP of Iraq?
The gross domestic product of Iraq is oil because oil is a gross domestic (sometimes used at home) and its a product that is sold in Iraq! Duuh.... you guyz didn't kno that!
Which of these is an example of the capital factor of production?
an oil rig that pumps oil from beneath the ground
What is Congo's main economic activities?
Gabon's economy is dominated by oil. Oil revenues comprise roughly 46% of the government's budget, 43% of gross domestic product (GDP), and 81% of exports. Oil production is now declining rapidly from its high point of 370,000 barrels per day in 1997. Some estimates suggest that Gabonese oil will be expended by 2025. In spite of the decreasing oil revenues, planning is only now beginning for an after-oil scenario
Has the US reached its oil peak?
Yes, US oil production peaked in the 70's.
Why does the US depend on foreign oil?
In c. 1952 oil consumption in the US exceeded domestic production for the first time.
Both President Carter and President Reagan favored lifting controls on domestic oil production because they wanted the US to do what?
Rely less on foreign oil. NovaNET! mickey~
What country is the United States in the market for trading oil with?
Other than domestic production, the US sources its oil from a number of countries. Among these are Canada, Saudi Arabia, Venezuela, Nigeria and Angola.
What are the top 10 countries with the most sunflower oil production for the year 2009?
china
Louisiana has what rank in crude oil production?
They rank #4 behind Texas, Alaska, and California respectively. However, federal offshore production is technically #1 with about 500mil barrels of oil produced per year.
What were the basic factors of production in the petroleum industry?
I think you are asking: What were the basic factors that affect oil production in the petroleum industry? Perhaps more simply put: What makes oil production in any one area go up or down? It is a good question. Oil production goes up when new fields are discovered. It takes a long time (as long as 10 years) between discovery and actual production from the field. There must be sufficient oil in the field, as confirmed by wells, to justifiy construction of facilities. Oil production can increase when an oil company decides to improve production through stimulating wells (acidizing, hydraulic fracturing) or injection of water or gas to provide more energy and displace the hydrocarbons. Pumps can also increase production. No matter how much efforts are put into improving production, there is only so much oil so eventually oil production goes down. There is frequently an increase in gas and/or water with time. Now, the broader question- is the production in the US or the world going up, leveling off, or into a decline? I have included a link that pulls together many ideas on this subject. If new sources of oil, like tar sands, are now economical, perhaps we are in the leveling off phase. Others believe that because many of the largest fields are currently in decline, US oil production has peaked and we are in decline. See related link.
Where does INDIA stand in oil production?
INDIA ranks 23rd in the production of oil!it imports most of its oil!
How long will the US oil reserves last?
The US has about 20,000,000 barrels of proven reserves. (including park reservations) at 2009 production levels, domestic supply of Oil will be gone in 8 years. (side fact is how valuable oil will be after we've sold all ours)
When the price of oil drops this usually means that OPEC has done what?
Increased Oil Production.
How much crude oil is imported from overseas into Australia?
Australia imports 615,000 barrels of oil a day but also exports 338,000 barrels a day possibly because it's oil production is closer to refineries in Singapore or because Australia's refineries cannot handle some domestic oil.8%
What state in the US has the greatest oil production?
Alaska state in the USA has the greatest oil production. source http://www.statemaster.com/graph/ene_pet_pro-energy-oil-production
