Fossil Fuels: Oil

This lesson provides an introduction to the world oil market and the United States' dependence on it. Topics include our current usage, sources, and the political implications of acquiring oil from an international market. There is also discussion of how petroleum is created and trapped in reservoirs, and how oil companies find it. The lesson includes an activity in which students use an online game that simulates the exploration and production of petroleum. To win, they must actually 'produce' commercial quantities of oil or gas by drilling in the ground in a 8-by-8 mile plot of land with a budget of $2 million dollars. Educational levels: Undergraduate lower division, High school

How does stock market volatility react to oil shocks?

We study the impact of oil price shocks on the U.S. stock market volatility. We jointly analyze three different structural oil market shocks (i.e., aggregate demand, oil supply, and oil-specific demand shocks) and stock market volatility using a structural vector autoregressive model. Identification is achieved by assuming that the price of crude oil reacts to stock market volatility only with delay. This implies that innovations to the price of crude oil are not strictly exogenous, but predetermined with respect to the stock market. We show that volatility responds significantly to oil price shocks caused by unexpected changes in aggregate and oil-specific demand, whereas the impact of supply-side shocks is negligible

How Wikipedia Can Overcome the Great Firewall of China

Oil is the main insulation in power transformers and over long time of ageing its insulation properties can change. In this paper ageing of oil due to the exposure to electric discharges was investigated. The effect of high energy discharges (complete arc) and low energy discharges (partial discharges) on oil properties such as breakdown strength and oil conductivity was investigated. An experimental setup consisting of two spherical electrodes was designed. The adjustable distance between the two electrodes made it possible to have PD with different magnitude. The oil conductivity and breakdown strength was measured for three sets of experiments. The first group of experiments was performed on new oil in order to have a reference for comparison. In the second group of experiments the new oil samples was exposed to 1000 and 3000 lightning impulses. In the third group of experiments new oil samples was exposed to partial discharge for different duration of time. Oil conductivity and breakdown strength of these aged samples were compared with new oil. The results show that after exposure to lightning impulse oil conductivity increases and breakdown strength decreases, However PD activity for short time does not change the oil conductivity but it reduces the breakdown strength.QC 20140107</p

The impact of oil price fluctuations on stock markets in developed and emerging economies

This study examines the response of stock markets to oil price volatilities in Japan, Singapore, Korea and Malaysia by applying the generalized impulse response and variance decomposition analyses to the monthly data spanning 1986:01 – 2011:02. The results suggest that the reaction of stock markets to oil price shocks varies significantly across markets. Specifically, the stock market responds positively in Japan while negatively in Malaysia; the signal in Singapore and South Korea is unclear. We find that the stock market inefficiency, among others, appeared to have slowed the responses of the stock market to aggregate shocks such as oil price surges.oil price fluctuation, stock return, exchange rate, emerging market, VAR model.

High Oil Prices Give Alaskans a Second Chance: How Will We Use this Opportunity?

Think about this: 10 years ago, it looked as if Alaska was on the brink of a tough transition to a post-Prudhoe Bay economy. Oil production was half of what it had once been, the state’s oil revenues were about $2 billion, financial reserves were falling, and employment in the oil industry was down. The price of Alaska oil, adjusted to today’s buying power, was$27 a barrel—and that was high by historical standards. Things have changed dramatically since then: a combination of much higher oil prices—about $115 a barrel as this paper is being written—and revisions in the way the state calculates production taxes have caused state oil revenues to skyrocket, even though oil production is down 40% since 2002. We now find ourselves in a second huge oil-revenue boom, comparable to the one in the early 1980s (Figure 1 ).Northrim Ban

Mass Exchange Dynamics of Surface and Subsurface Oil in Shallow-Water Transport

We formulate a model for the mass exchange between oil at and below the sea surface. This is a particularly important aspect of modeling oil spills. Surface and subsurface oil have different chemical and transport characteristics and lumping them together would compromise the accuracy of the resulting model. Without observational or computational constraints, it is thus not possible to quantitatively predict oil spills based upon partial field observations of surface and/or sub-surface oil. The primary challenge in capturing the mass exchange is that the principal mechanisms are on the microscale. This is a serious barrier to developing practical models for oil spills that are capable of addressing questions regarding the fate of oil at the large spatio-temporal scales, as demanded by environmental questions. We use upscaling to propose an environmental-scale model which incorporates the mass exchange between surface and subsurface oil due to oil droplet dynamics, buoyancy effects, and sea surface and subsurface mechanics. While the mass exchange mechanism detailed here is generally applicable to oil transport models, it addresses the modeling needs of a particular to an oil spill model [1]. This transport model is designed to capture oil spills at very large spatio-temporal scales. It accomplishes this goal by specializing to shallow-water environments, in which depth averaging is a perfectly good approximation for the flow, while at the same time retaining mass conservation of oil over the whole oceanic domain.Comment: 18 pages, 6 figure

Modelling the Non-equilibrium Electric Double Layer at Oil-pressboard Interface of High Voltage Transformers

In large oil-filled power transformers, cellulose-based pressboard and paper are used throughout for electrical insulation. Microscopic views have shown that pressboard insulation is a fibrous and porous structure with non-homogeneous surface. It has been recognised that the pressboard structure is more porous towards the edge [1]. The pores within the pressboard allow oil absorption during impregnation process and provide paths for oil to penetrate until saturation is reached. The ratio of fibre and oil changes as the material structure changes from a medium of bulk oil-pressboard composite toward the bulk oil medium. The porosity of pressboard can also result in impurities within the oil being drawn into the pressboard. It has also been recognised that physicochemical process of a liquid in contact with solid wall leads to the formation of electric double layer (EDL) in the liquid region [2, 3]. The material properties and geometry of pressboard thus lead to a complex oil-pressboard interface. A 2-D model of oil-pressboard interface has been constructed using Comsol Multiphysics Finite Element Analysis software and this is shown in Figure 1. The mathematical model considers the dissociation of a generic impurity in the oil into positive and negative ions and considers the role of the porous and non-homogeneous wall of pressboard in the formation of the EDL. The pressboard, which is represented by different arrays of fibre, promotes preferential adsorption and desorption processes between ions in the oil and unoccupied fibre surfaces of oil impregnated pressboard. The model studies the non-equilibrium charge density profile in the EDL at the oil-pressboard interface when the oil is in the stationary condition

Annual report and accounts

Noms variants de l'empresa: Royal Dutch Shell, Shell Petroleum Corporation, Shell International Petroleum Compan