Oil
Crude oil or petroleum is composed of hydrocarbon deposits that is distracted from the ground. It is broken down to produce everyday products like gasoline, heating oil, and asphalt. In order to use these products, the oil must be refined. Refining oil decreases its net energy yield. Despite oil being connected to most of the products that we use from day to day, like plastics, paints, and medicines, oil refining only accounts for 8% of all US energy consumption. OPEC, or organization of petroleum countries, controls 78% of the world’s oil with Saudi Arabia and Venezuela controlling 70% of that oil.
ADVANTAGES |
DISADVANTAGES |
High net energy yield (environmental) |
Need to find substitutes within 50 years (environmental) |
Easily transported within and between countries (economic) |
Air pollution when burned (environmental) |
Low land use (environmental) |
Releases CO2 when burned (environmental) |
Efficient distribution system (environmental) |
Moderate water pollution (environmental) |
Ample supply for 42-93 years (environmental) |
Artificially low price encourages waste and discourages search for alternatives (economic) |