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Flashcards in Peak oil Deck (10)
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1
Q

definition

A

when crude oil reaches its maximum level

2
Q

what happens after peak production?

A

supply will decline and oil prices will increaser

3
Q

finite or renewable resource?

A

finite

4
Q

why is peak oil more important than the point in time oil actually runs out?

A

increase in price as supply decreases

5
Q

enhanced recovery

A

squeezing last drop of oil out of existing wells using water of gas pressure
BUT increases extraction cost

6
Q

unconventional oil

A

e.g. tar sands and oil shades

uses energy and water during extraction

7
Q

protected areas

A

e.g. the arctic

risk to habitats and biodiversity

8
Q

technically difficult

A

e.g. deep water drilling

increased risk of oil spills and accidents

9
Q

why do we like conventional oil?

A

cheap to extract, process and transport

10
Q

importance of oil prices

A
  • world economy depends on oil
  • used in transport, plastics, chemicals and to generate electricity
  • rapid oil prices rise increases costs for businesses and consumers