GEOG 122 Lecture Notes - Lecture 4: List Of Black Mirror Episodes, Geopolitics, Oligopoly
Document Summary
Power of new technology to access difficult deposits, especially offshore: north sea, Oil sands and oil shales, accessed by fracking, are re-defining the global business. Current estimates see the resource lasting to about 2200. Me has 2/3 of conventional oil reserves. N. am (us consumed 25% of world oil production in 2002), w. europe, japan, and, fast rising, china and india. Currently (2016) excess oil supply with build-up of new us oil shales and older alberta oil sands. Prices driven down below production price of oil shales/sands. Opec (see below) are trying to drive out new suppliers with higher production costs. Even at /barrel saudi arabia is still making money, but oil sands and oil shales are heavily in the red. Demand for oil is down sharply in n. a. and europe since 2008, it is up in asia and africa but the market is weak. Supply is up with oil and and us oil shales.
