Unconventional Oil and Its Impact on the World Oil Market
Abstract
In this paper, I intend to discuss unconventional oil's impact and overall contribution on the world oil market. By definition, unconventional oil is that oil which is extracted or produced by means not normally considered "conventional". Conventional oil at atmospheric temperature and pressure is a liquid that can be extracted utilizing traditional drilling methods and is considered easier since it will flow without added stimulus. Although conventional oil flows more easily, unconventional is becoming more important to the world economy since there is growing concern that conventional oil reserves are being depleted. Within the paper I will discuss the new methods of extracting oil/fossil fuels. I will also discuss some differences with conventional and unconventional oil, and why unconventional is becoming the new norm. I will focus discussions on OPEC, as well as the economic and political impacts that affect, and are affected by, oil prices. Finally, I will talk about the impact that the recent global pandemic is having on the oil market and unconventional oil, along with possible future implications.
Document Details
- Document Type
- Technical Report
- Publication Date
- May 05, 2020
- Accession Number
- AD1115156
Entities
People
- Justin Gay
Organizations
- University of Kansas