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Energy is used for many purposes in our every day lives, this energy can be generated from many different resources; however the world’s largest dependency for energy generation is oil. Oil is also important as it is the raw material for many useful products - plastics, fertilizers and medicines. ... Like all hydrocarbon fuels, oil is a finite natural resource. It is very difficult to calculate exactly how much oil is left underground, oil companies keep information about individual wells secret, but most of the recent educated guesses agree on the estimate that the world began with a total of roughly 2 trillion barrels, of which 900 billion barrels have now been used. ...
As oil is extracted from a basin, the flow rate starts to decline as soon as production starts due to the decreasing pressure inside the well. The flow inevitably dwindles and the last of the oil must be wrung out. Because of this, the rate of oil production, whether from a single well or from the entire world, follows roughly a bell shaped curve. ... and this figure is expected to increase as the economically developing countries use more and more oil; demand increased by 4% in Asia Pacific.
Approximate Word count = 997
Approximate Pages = 4
(250 words per page double spaced)
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