1. Oil Matthew Malliaros Robert Martinez Amber Stacy Rachel Wangler

2. Facts: The USA is the top oil user with over 17 million barrels a day 6 million tons per year of oil winds up in the ocean Oil supplies the US with 30% of its energy, 50% for the UK, 10% for Japan, 22% for India and 90% for Nigeria

3. OilProducedDaily: Saudi Arabia* - 8.1 million barrels per day*Including share of production from the Neutral Zone Former Soviet Union - 6.9 million barrels per day United States - 6.5 million barrels per day Iran - 3.6 million barrels per day China - 3.2 million barrels per day

4. Price: Crude oil averages over the years (per barrel) 1998 $12.28 2002 $24.36 2006 $61.08 1999 $17.48 2003 $28.10 2007 $69.08 2000 $27.60 2004 $36.05 2008 $94.45 2001 $23.12 2005 $50.64 2009 $43.61 Oil is denominated in U.S. dollars in the international market and the oil-producing countries are concerned that the declining value of the dollar will reduce their ability to purchase on the world market

5. Versatility: Since the 1950's, oil has been the world's most important energy source because of its versatility It is found in relative abundance, has a high energy density, and is easily transported 84% is used to make gasoline and other fuels, and liquefied petroleum gas 16% is the raw material for chemical products including pharmaceuticals, fertilizers, pesticides, and plastics

6. Restrictions: Our reliance on it for energy and other countries' control of it is a matter of national security Its diminishing versatility: Heavier oils have too much carbon and not enough hydrogen so either carbon needs to be removed or hydrogen added to the molecules, then a process called fluid catalytic cracking converts the more complex molecules of the heavy oil to the short, simple ones of fuels

7. Advantages: Burns cleaner than coal 70% less carbon dioxide compared to other fossil fuels Does not produce ash after energy release High heating value of 24,000 BTU per pound Inexpensive compared to coal

8. Disadvantages: Not a renewable resource of energy The cost of retrieving it is becoming more expensive We are having to go farther out and drill deeper to find it Causes a lot of air and water pollution and contributes to the greenhouse effect

9. CurrentStatus: Current supply , which is 1.2 Trillion Barrels or 40 years worth at current production and use, has erroneously led to the illusion that we can continue on current trends until near depletion of reserves; this is simply not the case It is becoming more and more difficult and increasingly more expensive to extract oil from the earth and refine it to usable forms of energy (this will of course continue to raise prices of both raw and refined oil products)

10. FuturePredictionsofUse: As new discoveries of oil have declined over the years, alternative fuels have been explored as supplements and, in the future, a collective replacement for oil Unnecessary risks to our national security and the increased release of greenhouse gases are also major issues for the search for alternative fuels

11. References: http://www.sciencedirect.com/science/article/B6V2W-4T71B02-1/2/a232f9c7028c0664e3181fa656771b92 http://www.opec.org/home/basket.aspx http://en.wikipedia.org/wiki/Petroleum