Posts Tagged ‘oil’

Oil price rising again

Oil price rising again

Oil price rising again

In the last ten years the oil price fluctuated a lot. In 1999 during the Asian Financial Crisis doubled by increased oil production of Iraq, the oil price was set at one of the lowest points in history: $17 per barrel.

After that low point the price started to move constantly upwards. In early 2008 the oil price hit $100 and by July, in the same year the oil set a new record high of $147.27 per barrel. The geopolitical aspect consisting in international concern over Iranian missiles tests played a very important role in reaching this high value for a barrel of oil. (more…)

Oil spills consequences over the environment

Oil spills consequences over the environment

Oil spills consequences over the environment

The recent oil spill from the Gulf of Mexico brought attention once again over the consequences that these accidents have over the environment. The British Petroleum oil spill is a serious problem for the environment and is already on the largest oil spills list, although its size has not been fully evaluated.

The largest oil spills recorded are: (more…)

Venezuela has the world’s largest oil reserve

Venezuela has the world’s largest oil reserve

Venezuela has the world’s largest oil reserve

A US Geological Survey says that Venezuela has much more oil than we all know. The scientists estimate that Venezuela’s Orinoco oil belt holds 513 billion barrels of recoverable heavy crude. This is twice as much as Saudi Arabia’s reserve, the country that was considered to hold the biggest reserve in the world with proven reserves of 260 billion barrels. (more…)