EGEE 120
Oil: International Evolution

Lesson 12 Readings

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Reading Assignments for Lesson 12

Students are to read chapters from the text - The Quest. The sections not listed are optional.

Chapter 11: Is the World Running Out of Oil?
  • Running Out Again - and Again
  • The Fifth Time
  • M. King Hubbart
  • At The Peak
  • Why Supplies Continue to Grow
  • How Much Oil?

Major Themes to Ponder as You Read

  • The theory and practice behind the concept of Peak Oil
  • The definition of the Ultimate for a resource such as oil
  • The problems with accurate estimation of reserves and Ultimate
  • The many challenges that impact oil available for production
  • The differences between conventional and unconventional oil and gas
Chapter 4: "SuperMajors"
  • The Merger that Wasn't
  • The Breakout: BP and Amoco
  • The Ghost of Rockefeller

Major Themes to Ponder as You Read

  • Factors contributing to mergers: Low price expectations, Competition, Excess supply
  • Rise of State Owned Oil Companies with different objectives: Rates of reinvestment are lower and profits are siphoned to pay for social programs
Chapter 12: Unconventional
  • From Fringe to Mainstream: Canadian Oil Sands
  • Tight Oil
Chapter 16: Natural Gas Revolution
  • Breakthrough
  • The "Shale Gale"
  • "Wounded By a Friend"
  • The Emergence of Gazprom
  • Ukraine vs Russia

Major Themes to Ponder as You Read

  • There was more oil but more difficult to get
  • Unconventional oil and gas:
    • Access is a key issue
    • Infrastructure often determines the Pace and Location of development
    • Lead times remain long if not more
  • Natural gas as the fuel of the future
    • The Marcellus Shale
Chapter 22: Glacial Change
  • The New Energy Question 425-426
  • Rise of Carbon 426-428
Chapter 24: Making a Market
  • Intro 475 - 476
  • War on Pollution 478
  • Old Enough to Remember 479 - 480
  • The Acid Test of Acid Rain 480 - 481
  • Least Cost Solutions 481 - 482
  • The Grand Policy Experiment 482 - 483
  • Battles at Kyoto 487 - 488
  • Developing vs Developed (2nd section same name 489 - 490)
  • Cost, Cost, Cost 490 - 491
  • How Realistic? 491 - 492
Chapter 25: Global Agenda
  • Intro 493 - 494
  • The K-Word 494 - 495
  • Twenty-One Questions 496 - 497
  • Marking a Market in Carbon 499 - 500
  • Power of Images 501 - 502
  • Green Credentials 503 - 504
Chapter 26: In Search of Consensus
  • Intro 509 - 510

Major Themes to Ponder as You Read

  • Environmental regulation designed to improve society comes at a price
  • Regulating Criteria Air Pollutants
  • Climate Change & Carbon Controls
  • Hurricanes & Oil / Natural Gas
  • Implications for Oil Natural Gas, Liquefied Natural Gas, & Gas to Liquids could be big winners

Not Required: I encourage this last section for wrap up of the course

  • Quest Conclusion: “A Great Revolution” 718 - 725