Understanding the Dynamics of Non-Renewable Energy Resources

📊 Non-renewable energy sources account for about 92% of global primary energy supply and market energy supply.

⏳ The evolution of primary energy supply shows a slow change over time, with coal and oil being the most important sources.

🌍 Fossil energy markets, especially oil, will continue to be significant globally.

Non-renewable energy resources are limited and will eventually run out.

Exploration and depletion are important factors in the availability of oil reserves.

Political and economic factors also influence the availability and price of oil.

💡 Futures markets predicted a rapid decline in oil prices during the first Gulf War, leading to the decision to keep the markets open.

🌍 Global oil production is concentrated in unstable regions, with the Middle East contributing significantly.

💰 The oil market is influenced by government-owned companies, with ExxonMobil not being as dominant as commonly believed.

💡 The price of oil quadrupled during the 73 shock, resulting in significant market power and profits for low-cost producers.

🌍 The cost of drilling and finding oil has increased, leading to a range of production costs across different regions.

🇮🇷 Refusals to buy Iranian oil by major countries can have a significant effect on Iran's ability to find demand elsewhere.

Coal is a non-renewable energy resource that is largely concentrated in a few countries like the US, China, and Russia, with China being the second leading importer of coal.

Uranium, although relatively unimportant in the cost of nuclear electricity, has reserves that are fairly dispersed and production concentrated in a few countries like Canada and Australia.

Natural gas, historically produced from coal, can be moved by pipeline and is mostly self-sufficient in North America, with the US being able to produce it cheaply thanks to shale gas.

💡 Non-renewable energy resources, specifically natural gas, have various impacts on climate change and global energy trade.

🔍 Currently, Russia is the largest producer of natural gas, followed by the Middle East. The Middle East's share of natural gas reserves is increasing.

⚡ Natural gas prices are volatile and have seen significant fluctuations in recent years. The US is considering exporting natural gas to other countries due to the price difference.

💡 The high cost of liquefying and transporting gas contributes to the price difference in the global market.

🌍 The US has the potential to unify world gas prices and compete with Russian and Middle Eastern pricing.

🔥 Natural gas is less carbon-intensive than oil and coal, making it a more environmentally friendly option.