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Example research essay topic: Crude Oil Carbon Atoms - 2,303 words

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The Statistics and History of Crude Oil 4 The Statistics and History of Crude Oil A mixture of comparatively volatile liquid hydrocarbons (compounds composed mainly of hydrogen and carbon with some nitrogen, sulfur, and oxygen) that occurs in the Earth's crust and is extracted for use as fuel and various petroleum products, what is this? Crude oil. Because crude oil is a mixture of widely varying constituents and proportions, its physical properties also vary widely. Crude oil is first pumped up from the ground in it's simplest form. Later, crude oil is transported by pipeline, train, tanker truck, barge, or ocean tanker to oil refineries where it is later sold to factories, gas stations, and car manufactures. From their it is used to fuel automobiles and machines that later create items such as plastic, cotton, and even metals.

Crude oil and oil products refiners and marketers use the futures market to hedge crack spreads and trading margins. There it is separated into simpler mixtures, some ready for use and others to undergo further chemical treatment. Crude oil is essential to our day to day lives and this is the reason why I selected crude oil as my commodity. Its curative powers are calculated to remove pain and alleviate human suffering and disease.

Distilled feet below the earth's surface, this remarkable liquid is Mother Nature's oil proved reserves as of December 31, 1997. This is 0. 5 percent, 106 million barrels bounteous gift of healing. It is my pleasure to do my commodities challenge on this astonishing substance. The United States had 22, 351 million barrels of crude, less than in 1996 and it is the eighth consecutive year that crude oil proved reserves have declined. How ever, reserve additions of crude oil replaced 95 % of 1997 oil production, the best replacement rate in 8 years! This chart is or reserve additions from 1993 - 1997.

The company transports crude oil to its refineries principally by ship and through pipelines, which link its plants with import terminals. After the refining process, it moves petroleum products to its storage terminals by ship, barge, pipeline and rail. The company operates a 13 -strong international tanker fleet, totaling two million deadweight tones. It also has two specialist support vessels to facilitate the transport of crude oil around the world. Each company also has approximately 20 tankers on long-term charter, as well as a large number of coastal vessels. Crude oil is what creates a very important substance to us, petroleum.

Why is it so valuable? How does it differ form other valuable resources? Why is petroleum created for crude oil so important for humans in their everyday lives? Petroleum provides man hundreds of useful products.

We burn petroleum for fuel, but the variety of things we make from it is incredible. It is a vitally important, nonrenewable source. Our society runs on it. Petroleum in the form of gasoline powers nearly every U. S. automobile on its annual drive of some 10, 000 miles.

Petroleum is a mixture containing hundreds of molecular compounds. There are five major crude oils, naphtha, kerosene, middle distillates, and fuel oils. They come from five major crude oil founders, Boscan, Maya, Arabian Light, West Texas Intermediates, and Bass Strait. See the chart to view the product content of five major crude.

Only nine countries in the U. S. had new field discoveries, 114 million barrels, reported in 1997. Of these, only four contributed more than 1 percent to the total.

The four major crude oil new field discoveries in the us are Gulf of Mexico Federal Offshore, North Dakota, Texas, and New Mexico. The definition of the word supply is the quantity of a product (or service) that sellers are willing and able to provide at a given price according to Commodity Challenge. In my own words I would describe supply as the quantity of a commodity that is in the market and available for purchase at a particular price. Demand, by definition according to Commodity Challenge, is the quantity of a product (or service) buyers are willing and able to purchase from the market at a given price. I would describe demand as the amount of good the public is willing and able to purchase at a specific price. The market place according to The New Merriam-Webster Dictionary is, the world of trade or economic activity.

In my own words I would put it as the global being of business, trade, and economics. The petroleum demand and supply outlook for the mid-price case is based on assumed normal temperatures and GDP growth of 2. 8 percent per year in 1998 and 2. 0 percent in 1999. To enhance the usefulness of the mid-case forecasts, sensitivities of energy demand and supply are also derived, using alternative macroeconomics, price and weather assumptions. A 1 % increase in real GDP raises crude oil demand by about 0. 6 %; natural gas demand by 1. 1 %; coal demand by 0. 7 %; and electricity demand by 0. 6 % (Figure 28). The impact of shifts in economic growth varies, depending upon distribution of incremental growth across energy-intensive and non-energy-intensive sectors. A 10 % increase in crude oil prices, assuming no price response from non-petroleum energy sources, reduces petroleum demand by 0. 3 %.

The firms and individuals that buy my commodity in its simplest form are Gulf of Mexico Offshore, Oryx Energy Company, and Natural Gas Corporation The companies that purchase crude oil include Green Canyon Block, Shell Oil Company, Boscan, Maya, Arabian Light, West Texas Intermediates, and Bass Strait and later refine it. If my commodity demand increases while supplies stay the same the demand curve shifts to the right causing the cost of the commodity to rise because there is already a high demand for crude oil. Also the equilibrium price will rise. 0 10 20 30 40 50 60 If the demand of my commodity decreases while the supply of my commodity stays the same the market price of my commodity would decrease. This is because there would by more crude oil than desired by the buyers at a given price so possibly lowering the price could higher the demand. 0 10 20 30 40 50 60 If the supply increases for my commodity while demand stays the same once again the market price of crude oil would decrease. The reason for this is there would be more of a crude oil supply in the market at a certain price that is desired by the buyers, but if the price is decreased the demand would match it. 0 10 20 30 40 50 60 If the supply decreases for my commodity while demand stays the price of crude oil will increase. The reason for this is there would be less crude oil supply in the market at a certain price that is desired by the buyers, but if the price is increased the demand would match it. 0 10 20 30 40 50 60 If the supply and the demand both increase the price of the commodity would stay the same because they would balance out. 0 10 20 30 40 50 60 If the supply and the demand both increase the price of the commodity would stay the same because they would balance out. 0 10 20 30 40 50 60 If the temperature would suddenly decrease dramatically (below 140 degrease's Fahrenheit) it would be hard for the production of crude oil to be taking place.

This would result in a supply decrease. In this scenario the price of my commodity would raise in the market place. If the U. S.

were to find a cheap and efficient source of energy that would replace crude oil in the market, the demand for crude oil would decrease. In this scenario the price of my commodity would decrease in the market place. The textbook definition of a futures contract is a established price today for a commodity that will be delivered at a later date. I would define it in my own words as a fixed price that will be set in the succeeding time given.

First I would like to talk about the background and history of crude oil. There were few takers of the 19 th century crude oil that came to be called "snake oil. " It was one of the less successful uses of crude oil, but not the first to claim healing properties. Ancient Persians, 10 th century Sumatrans, and pre-Columbian Indians all believed that crude oil had medicinal benefits. Marco Polo found it used in the Caspian Sea region to treat camels for mange, and the first oil exported from Venezuela (in 1539) was intended as a gout treatment for the Holy Roman Emperor Charles V. The mysterious oil that sometimes seeped to the earth's surface had other uses as well.

In Mesopotamia around 4000 BC, crude oil, was used as caulking for ships, a setting for jewels and mosaics, and an adhesive to secure weapon handles. Egyptians used it for embalming, and the walls of Babylon and the famed pyramids were held together with it. The Roman orator Cicero carried a crude-oil lamp. And, in North America, the Senecas and Iroquois used crude oil for body paint and for ceremonial fires.

Crude oil - as petroleum directly out of the ground is called - is a remarkably varied substance, both in its use and composition. It can be a straw-colored liquid or tar-black solid. Red, green and brown hues are not uncommon. The image of James Dean dripping with black oil from his Texas gusher in the 1956 movie "Giant" may have been compelling, but it's not descriptive of today's oil producers. For one thing, the days when a gusher signaled a big discovery are long gone. Since the 1930 s, oil producers have used blowout preventer's to stop gushers.

In addition, not all crude oils behave in the Hollywood manner. Some flow about as well as cold peanut butter. Until the late 19 th century, an oil find often was met with disinterest or dismay. Pioneers who settled the American West dug wells to find water or brine, a source of salt; they were disappointed when they struck oil. Several historical factors changed that. The kerosene lamp, invented in 1854, ultimately created the first large-scale demand for petroleum. (Kerosene first was made from coal, but by the late 1880 s most was derived from crude oil. ) In 1859, at Titusville, Penn. , Col.

Edwin Drake drilled the first successful well through rock and produced crude oil. What some called "Drake's Folly" was the birth of the modern petroleum industry. He sold his "black gold" for $ 20 a barrel. Petroleum was prized mostly for its yield of kerosene until the turn of the century. Gasoline was burned off, and bitumen and asphalt (the heavier parts of crude oil) were discarded. But gradually rising in importance were the incandescent light and the internal combustion engine.

The former relied on oil-fired generating plants; the latter, on gasoline. By the 1920 s, crude oil as an energy source, not just as a curiosity, came into its own. But to many, it's still as mysterious as it was to ancient man. Even in the petroleum industry, most people never see crude oil. Geologists generally agree that crude oil was formed over millions of years from the remains of tiny aquatic plants and animals that lived in ancient seas.

There may be bits of brontosaurus thrown in for good measure, but petroleum owes its existence largely to one-celled marine organisms. As these organisms died, they sank to the sea bed. Usually buried with sand and mud, they formed an organic-rich layer that eventually turned to sedimentary rock. The process repeated itself, one layer covering another. Then, over millions of years, the seas withdrew. In lakes and inland seas, a similar process took place with deposits formed of non-marine vegetation.

In some cases, the deposits that formed sedimentary rock didn't contain enough oxygen to completely decompose the organic material. Bacteria broke down the trapped and preserved residue, molecule by molecule, into substances rich in hydrogen and carbon. Increased pressure and heat from the weight of the layers above then caused a partial distillation of the organic remnants, transforming them, ever so slowly, into crude oil and natural gas. Although various types of hydrocarbons, molecules made of hydrogen and carbon atoms, form the basis of all petroleum, they differ in their configurations.

The carbon atoms may be linked in a ring or a chain, each with a full or partial complement of hydrogen atoms. Some hydrocarbons combine easily with other materials, and some resist such bonding. The number of carbon atoms determines the oil's relative "weight" or density. Gases generally have one to four carbon atoms, while heavy oils and waxes may have 50, and asphalts, hundreds. Hydrocarbons also differ in their boiling temperatures - a key fact for refiners who separate the different components of crude oil by weight and boiling point. Gases, the lightest hydrocarbons, boil below atmospheric temperature.

Crude oil components used to make gasoline boil in the range of 55 to 400 degrees Fahrenheit. Those used for jet fuel boil in the range of 300 to 550 degrees, and those for diesel, at about 700 degrees. There are three essentials in the creation of a crude oil field: First, a "source rock" whose geologic history allowed the formation of crude oil. This usually is a fine-grained shale rich in organic matter. Second, migration of the oil from the source rock to a "reservoir rock, " usually a sandstone or limestone that's thick and porous enough to hold a sizable accumulation of oil. A reservoir rock that's only a few feet thick may be commercially prod...


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Research essay sample on Crude Oil Carbon Atoms

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