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Why do we have to pay $3 for a gallon of gas - Research Paper Example

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Not many individuals can come up with an oil company. There are over six super countries that have control over the oil market. These companies control the oil pricing in…
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Why do we have to pay $3 for a gallon of gas
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Download file to see previous pages It is important to note that the oil prices are dependent on the six super major companies of oil and gas. These super majors are BP, Chevron, ExxonMobil, Royal Dutch Shell and Total.
Oil accumulates between various layers of the porous rocks or other subsurface. Thus, the main idea is to locate the right convergence necessary in creating the required oil pool. Geologists find possible oil locations to explore through aerial photographs. Initially, oil wells were drilled at random locations or around other established oil wells. However, now oil is located using a vibrator to cause vibrations that geologists listen to and process data using computers into seismic lines. Once a location is found, then the explorers now undertake the drilling process. After drilling the oil well, a measuring device is then lowered into this oil hole and the information about the earth properties are gathered (Research, 214). This information includes such aspects as the density, type of rock that is present and the fluid contained in the rocks. After finding this information, if the hole is promising, then the drilling process is continued. If this hole is not a good location required, then the hole is filled up and the entire process begins all over again. Main sources of oil drills
The world gets its daily ration of over 85 million oil barrels from over 4000 fields. Most of these are small with less than 20000 barrels each day. However, there are major oil giants that produce over 100000bpd. Then there is the category of the mega fields that produce over 1000000 bpd. These are recognized as the most important sources of oil in the world. The top most of these mega oil giants is the Ghawar in Saudi Arabia. It accounts for over 100 billion oil barrels. It is 160 miles long and 16 miles in width. The secret to the reservoirs longetivity is its water injection. From the 1960s. Saudi Armco commenced injecting water underneath the ...Download file to see next pagesRead More
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