2.1 Literature Review:
1.What are the countries consuming the most fossil fuels?
2.What is the average cost of a barrel of oil?
3.How has inflation caused the cost of oil to increase?
4.How is oil formed?
5.What is natural gas?
6.Which country imports the most oil?
7.Where can oil be found?
8.How was oil found?
This is a video about fossil fuels and it summarises how different types of fossil fuels are found and how it was used to make discoveries.
This site tells us the total oil consumed in barrels per day(bbl/day). The latest year that this information has been updated is 2010 and by comparing the different years that the information has provided, we can see if the amount of barrels of oil consumed per day has been increasing or decreasing. According to the information, we have noticed that the amount of oil consumed per day has increased in every one to two years. This is also mostly due to the advance in our technology which requires a larger amount of fossil fuels to generate more electricity. This answers our first question on what countries actually consumes the most fossil fuels.
The top ten countries that consumes the most amount of oil are:
1. Unites States of America
8. Saudi Arabia
9. South Korea
This website talks about the average price of a barrel of oil. We have chosen to compare the prices of oil between 2010, 2011 and 2012. Inflation prices are also mentioned in this website. Inflation is basically when there is an increase in the general level of the price of goods and services. The price for a barrel of oil in 2010 is an average of $71.21 for the nominal price and $76.01 for inflation adjusted price. In 2011, the nominal price is an average of $87.04 and $90.08 for inflation adjusted price. The average nominal price in 2012 is $86.46 and for the inflation adjusted price, $87.68.
This website is kind of a more detailed in the area of inflation unlike the site that helped to answer our second question. This website talks about how inflation of oil actually affects the economy and how inflation actually works. Oil and inflation are often being seen as being connected in a cause and effect relationship. Since oil is a major input in the economy and it is used for critical daily activities, the price of the end product will also increase if the price of oil increases because more money is needed to purchase the oil.
This website talks about how oil and natural gas are formed. Oil is formed when dead animals or plants are accumulated at the bottom of oceans, land, riverbeds, etc. Over the years, layers and layers of sediment will form. As they become buried even deeper, heat and pressure will rise, transforming the layer into a dark and waxy substance called kerogen. Left alone, the kerogen molecules will actually crack and turn into either oil or gas depending on the substance. It takes years to form oil and natural gas therefore we have to conserve our fossil fuels because we will be running out of them soon.
This video helps to explain how natural gas and oil are formed under the sea bed about 200 million years ago.
This website answers our question on what natural gas really is. Natural gas is actually a mixture of hydrocarbon, and it can either be found by itself or in association with oil. Natural gas is made up of a compound of hydrogen and carbon. Natural gas is also a fossil fuel as it comes from the remains of plants and animals. It is also one of the most highly used energy sources because it is combustible and burns more cleanly than other energy sources.
This website gives us information about the import of oil in various countries. It ranks the countries starting with the country that imports the most amount of oil. From here, we can actually see which country consumes the most oil and depending on their population, we can see if the countries are using way too much fossil fuels. If a country with a smaller population as compared to another country uses more oil than the other country, it shows that the particular country is using way too much oil and should try to cut down on it. The top 10 countries that imports the most oil are:
1. United States of America
7. South Korea
This is a file of a study guide for fossil fuels, mainly in the area of oil. It explains various areas of oil, including where oil is found and how it is being drilled out of the ground and all. Oil is found in an underground rock formation, existing as tiny droplets trapped inside the open spaces called pores, inside the rock. They can also be found in the sea, under the seabed. This helps us alot in answering our seventh question which is where oil can be found.
This website tells us how oil was actually first found in the past, for example, did someone stumble across it one day? Or maybe a person dreamt about it and the next day he decided to hunt for the oil? Oil was found when someone found it when the oil bubbled up to the surface. The oil would collect in low places in the Earth’s crust or float on top of the water in lakes or streams.