Current Issues and Trends

As the cost of a barrel of oil crosses the 145 threshold, many economists believe the future will see the end of cheap oil and major volatility in the oil market. Each year the production rate at the world s existing oil reserves drops by approximately 7%. These losses must constantly be made up through new reserve finds and new technology. Oil prices will probably drop back to 60- 70 a barrel before rising again and stabilizing between 130- 150 a barrel over the next 5 years. A number of issues and trends are anticipated to occur over the next 10 years. These include  

Oil supply disruptions in the Middle East, Venezuela, and Nigeria. 

The Bakken formation in Eastern Montana and Western North Dakota. How much oil is there 413 billion barrels or 4 billion barrels  

Wind turbine technology increasingly used in United States. 

Gas combining operations convert natural gas to heavier hydrocarbons. 

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Describe current issues and trends in the petroleum industry. 

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