GEOL 110 1st Edition Lecture 5 Outline of Last Lecture I. Oil ReservesII. Conditions Appropriate for Fossil Fuel FormationIII. Hydrocarbon GenerationIV. Creation of an Oil or Gas ReserveV. After Formation, How is Oil Found?VI. Natural GasVII. Petroleum UsesOutline of Current Lecture II. Oil ReservesIII. Facts about Oil ReservesCurrent LectureI. Oil ReservesA. Outlook on reserves:1. Pessimist: all oil has been found, we know the amount of oil left and we continue to use all of our resources. Declining in discovery, but increasing in demand, which isn’t good2. Their ‘hero’, M. King Hubbert predicted the future of oil using a bell shaped curve to show the decline of oil production as time goes on. In general, it holds true (with one exception in the late 1900’s when we were able to use oil from Alaska)3. We’ve become increasingly dependent on our international resourcesB. Optimist: we haven’t yet discovered everything yet, and we can develop technologyto help use oil ore efficiently in the futureC.II. Facts about Oil ReservesA. Oil reserve growth is due to the dominance of imported oil, the advent of new extraction technology, and consistently high oil pricesB. Alternative oil: found prominently in the Athabasca tar sands1. Seen in Canada, the size is similar to Saudi Arabia, but it is destructive to try and get out of the ground, there’s a high cost associated with it and it is expensive oil the is producedC. Oil shale: can use the hydrocarbons like in oilThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.D. Predicted 15-30 years before world oil production will reach its peak and begin to decline. This is known as the “Peak Oil” issue. Once the peak is reached the price ofoil will be controlled completely by OPEC, b/c they control 65% of the oil reserves.E. Overall net imports have declined in the US since