Production in Canada is a main, pivotal industry and it has greatly benefited the economy of neighbouring USA. Canada is home to the third largest oil reserves globally and is the fourth largest oil producer in the world. It is also the fourth largest oil exporter behind Saudi Arabia, Russia and the United States. Alberta is the main area where Canada’s crude oil pipelines lie. It is the country’s largest oil producing province while Saskatchewan is the second largest behind Alberta. It produced around 13.5 per cent of Canada’s petrol in 2015.
A valuable fossil fuel which is used around the world
Originating as crude oil, this is a valuable fossil fuel which plays a major part in our daily lives. The world is home to valuable oil reserves which are reservoirs under deep rock formations beneath the earth. They are situated all around the world and they provide wealth to those countries. The crude oil is measured in barrels (bbl) with one holding around 100 to 200 litres which is equal to around 26 to 53 gallons.
What is OPEC and its role?
Headquartered in Vienna, the Organization of the Petroleum Exporting Countries (OPEC) consists of a grouping of fifteen nations. It was founded in the 1960s in Baghdad and its members consist of Algeria, Libya, Equatorial Guinea, Saudi Arabia, Ecuador, Gabon, Iraq, Angola, Kuwait, Qatar, Iran, the Republic of the Congo, Nigeria, the United Arab Emirates and Venezuela. More than 80 per cent of oil reserves are situated within OPEC countries, with the majority found in the Middle East.
The core aim of this intergovernmental organization is to ensure unity in policies among OPEC countries and to obtain fair prices for producers as well as oversee the supply of petrol to those countries that require it for fuel and domestic needs. OPEC also aims to make sure those investing in the industry see a fair return.
How do we use petroleum in our daily life?
The lifeblood of the industrialized world, a range of household products is derived from petrol. These include detergents, wax and Vaseline which are products that may not immediately come to mind. Kerosene is a by-product of petroleum and is used for lighting and cooking. Vaseline which is a useful beauty moisturizer for dry skin is a jelly-based product.
Usages in transportation are both domestic and industrial
Petrol is a pivotal and main source of energy for the transportation industry worldwide. With almost two-thirds of fuels deriving from petrol, it is an essential element that keeps life moving, serving a range of industries from logistics to delivery services. Planes and certain models of helicopters use kerosene which is a by-product of petrol. The fuel that comes from petroleum includes diesel, gasoline and petrol, marine fuel and jet fuel. Gas and petrol are used in cars, motorcycles and smaller trucks while boats, buses, trains, and even ships are powered by diesel. Gasoline remains the primary transport-related fuel in the United States. In 2016 it accounted for over half of the total transportation energy usage in the US, according to figures compiled by the US Energy Information Department.