Explain why oil exploration in the areas shown could lead to high economic and environmental costs (10) Oil exploration is the extraction of petroleum from reservoirs underground and using the substance to benefit people. For example using it for transport and industry. However continuous exploitation can lead to costs, which can be both economic and environmental. Figure 1 shows that Canada is a location that is currently exploiting oil, 170 billion barrels per year. With Canada being second to Saudi Arabia to have the largest stores of oil in the country, it can provide large amounts of oil without the need to dig large mines to get to it.
It earns money for global TNCs, the majority of which are from the developed world. Out of the 500 largest TNCs in 2010, 140 were from the USA and they had combined revenues of nearly $7 trillion. This huge wealth allows the USA to afford the most technologically advanced, and most global, military in the world. For instance the USA has 11 nuclear-powered aircraft carriers. Secondly, the military factor allows the country to project power over the world and essentially gives the country an access to nuclear arms.
Eager to find similar deposits, investors spent billions of dollars throughout the Lone Star state in search of oil and natural gas. The cheap fuel they found helped to revolutionize American transportation and industry. Storage facilities, pipelines, and major refining units were built in the Beaumont, Port Arthur, Sabine Pass, and Orange areas around Spindletop. By 1902 there were more than 500 Texas corporations doing business in Beaumont. Many of the major oil companies were born at Spindletop or grew to major corporate size as a result of their involvement at Spindletop.
In 2011, sales and revenues of Caterpillar, Inc. measured about $60.138 billion. Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services, Caterpillar Logistics Services and Progress Rail Services. Despite achievements of Caterpillar, Inc., the firm has several ethical issues that it must address. Some of these issues deal more with the nature of the company’s products than with anything the company itself has done.
Vermont is a big state in the area that sales a good amount of gas and oil. There legislation of 2012 is almost an exact
Fort McMurray, Alberta has one of the largest petroleum deposits in the world. One thousand times more oil then Saudi Arabia’s which makes Canada a safe oil resource for the world. This equals out to the same area as the State of Florida of oil filled land. The expense oil does not only come financially but environmentally. Fort McMurray is responsible for two thirds of Canada’s pollution and to mine this oil all trees must be cleared in the area which can vary from 4 to 6 square miles at
Modernity may cease with global warming as half the biggest companies are oil companies, and oil is the essence of life. Deforestation and the effects of global warming on our forests and trees are far-reaching and quite evident. All our planets physical features are changing rapidly. And McKibben repeats himself on purpose to get his point across: the planet we knew is no more, we live on a new, more complex and harsher
Because of World War I America would have the second largest navy in the world and largest standing army at the war’s conclusion and that massive military would now back up in the U.S.’s claim that it truly was a world power and it helped the U.S. become a major player on the world stage as well as the signing of the armistice that would follow. That is why
The Basics of Hydraulic Fracturing abstract Never before has America seen an era in which energy supplies are of high demand. With all of the turmoil overseas, now more than ever is it crucial for us to invent a way to develop our own energy resources. While hydraulic fracturing was first successful in 1947, it is a technique that is still being perfected today. Hydraulic fracturing is a process in which chemicals, water, and sand are pumped into the ground to break apart shale rock and too allow for the release of unconventional natural gases. Laws and regulations regarding this process are far and few between, leaving some states to take matters into their own hands.
One effect of hydraulic fracturing on economics is that it creates a huge increase in profit for natural gas sellers and drillers by opening up the opportunity to tap so much more natural gas than was available before. “North America has approximately 4.2 quadrillion (4,244 trillion) cubic feet of recoverable natural gas that would supply 175 years’ worth of natural gas at current consumption rates.” (Earthworks, N. Loris) Another way it affects the economy is that 10,000 jobs could be created by each drilling site that is opened. (N. Loris) However, a negative effect it has is that it costs about 2 billion dollars for each plant and extra for maintenance and disposal. One last affect hydrofracking has on the economy is it lowers natural gas prices by up to 15 dollars a gallon.