| With all the publicity nowadays
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| | environment. Exploration could call for
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| surrounding the price of Crude Oil, I
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| | dredging, which stirs up the sea bottom,
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| resolved to write an enlightening article
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| | stamping out the ocean plants that
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| on the backdrop of the so-called "Black
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| | nautical creatures need to survive. Not
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| Gold." I'll briefly go over history,
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| | to mention the typical Crude Oil and
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| environmental effects, pricing and the
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| | refined fuel spills from tanker ship
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| future of the thick black sludge that is
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| | accidents. All of these factors have
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| coveted by every major economy in the
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| | tainted frail ecosystems all over the
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| world. Hopefully you can reach a better
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| | world.Petroleum products are priced like
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| point of view on the subject.The history
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| | most commodities: supply and demand.
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| of Crude Oil is too immense to discuss in
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| | While this may sound simple, the actual
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| this brief editorial so I will limit it
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| | start to finish process can be a lot more
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| to a general overview. The first oil
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| | complex subject. References to oil prices
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| wells were drilled in China in the 4th
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| | are generally related to the spot price
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| century. They where as much as 243 meters
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| | of either WTI/Light Crude as traded on
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| deep and were drilled utilizing drill
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| | New York Mercantile Exchange (NYMEX).
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| bits attached to bamboo poles. The
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| | Priced by the barrel, Crude Oil is
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| contemporary history of crude began in
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| | rapidly becoming the most costly
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| 1846, with the breakthrough of the
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| | commodity on the market (second only to
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| process of refining kerosene from coal by
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| | Gold).Oil pricing is extremely reliant on
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| Atlantic Canada's Abraham Pineo Gesner.
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| | both its grade and location. The vast
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| The first rock oil mine was built in
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| | majority of oil will not be traded on an
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| Bobrka, Poland the following year. These
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| | exchange but on an over-the-counter
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| breakthroughs rapidly spread around the
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| | basis, typically with reference to a
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| world, and Meerzoeff built the first
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| | standard crude oil grade that is quoted
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| Russian refinery in the mature oil fields
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| | via a pricing agency such as Argus Media
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| at Baku in 1861.James Miller Williams in
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| | Ltd or Platts. It is often claimed that
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| Oil Springs, Ontario, Canada in 1858,
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| | OPEC arranges the oil price and the real
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| excavated the first commercial oil well
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| | monetary value of a barrel of oil is in
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| drilled in North America. The American
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| | the area of $2, which is equivalent to
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| petroleum industry commenced with Edwin
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| | the cost of extraction of a barrel in the
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| Drake's discovery of oil in 1859, near
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| | Middle East. These appraisals of costs
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| Titusville, Pennsylvania. The industry
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| | disregard the cost of finding and
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| matured slowly in the 1800s, driven by
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| | developing oil reserves.You can't talk
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| the demand for kerosene and oil lamps. It
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| | about the future of oil without talking
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| became a major national business in the
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| | about the "Hubbert Peak" oil theory. This
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| early part of the 20th century. With the
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| | hypothesis depicts the long-term rate of
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| introduction of the internal combustion
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| | production of conventional oil and other
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| engine came a need that has largely
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| | fuels. It assumes that oil reserves are
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| sustained the industry to this day.While
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| | not replenishable. It also predicts that
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| we all need to get to work in some way or
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| | future world oil production must
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| another, rarely does anyone consider the
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| | unavoidably reach a crest and then
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| environmental effects of the fuel that
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| | decline as these reserves are exhausted.
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| powers our mode of transportation. Yes we
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| | Like every other theory of any importance
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| know that the emissions from are cars,
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| | it is highly controversial. "When will
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| buses and trains have a green house
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| | the Oil actually start to run out?" is
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| effect on our delicate environment; but
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| | the big question.No matter how you look
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| what about the rest of our ecology?Oil
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| | at it, our society needs to concentrate
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| extraction is costly and occasionally
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| | more efforts on either alternative fuels
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| environmentally detrimental, although Dr.
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| | or more fuel-efficient modes of
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| John Hunt from the Woods Hole
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| | transportation. While I'm sure that the
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| Oceanographic Institution revealed in a
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| | oil won't peter out in my life time I
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| 1981 paper that over 70% of the reserves
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| | would like to think we can leave this
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| in the world are associated with visible
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| | world a better place for future
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| macroseepages, and numerous oil fields
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| | generations.In closing, I hope this
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| are found due to natural leaks. Offshore
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| | article has given you a better
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| exploration and extraction of oil
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| | understanding of the topic and made you a
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| agitates the encompassing marine
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| | more informed consumer.
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