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Oil depletion. Oil depletion is the decline in oil production of a well, oil field, or geographic area. [1] The Hubbert peak theory makes predictions of production rates based on prior discovery rates and anticipated production rates. Hubbert curves predict that the production curves of non-renewing resources approximate a bell curve.
The oil depletion allowance in American (US) tax law is an allowance claimable by anyone with an economic interest in a mineral deposit or standing timber. [1] The principle is that the asset is a capital investment that is a wasting asset , and therefore depreciation can reasonably be offset (effectively as a capital loss ) against income.
Resource depletion is the consumption of a resource faster than it can be replenished. Natural resources are commonly divided between renewable resources and non-renewable resources. The use of either of these forms of resources beyond their rate of replacement is considered to be resource depletion. [1] The value of a resource is a direct ...
Commercial crude oil stock pile. The Strategic Petroleum Reserve (SPR) is an emergency stockpile of petroleum maintained by the United States Department of Energy (DOE). It is the largest publicly known emergency supply in the world; its underground tanks in Louisiana and Texas have capacity for 714 million barrels (113,500,000 m 3). [1]
The thin red circular line in the middle indicates the top of the oil reservoir. Because gas rises above oil, this latter line marks the gas-and-oil contact zone. A petroleum reservoir or oil and gas reservoir is a subsurface accumulation of hydrocarbons contained in porous or fractured rock formations.
The Hubbert peak theory says that for any given geographical area, from an individual oil-producing region to the planet as a whole, the rate of petroleum production tends to follow a bell-shaped curve. It is one of the primary theories on peak oil. Choosing a particular curve determines a point of maximum production based on discovery rates ...
The Oil Depletion Analysis Centre ( ODAC) is an independent, UK -registered educational charity. The centre is working to raise international public awareness and promote better understanding of the world's oil depletion and peak oil problem. It is based in London and belongs to the New Economics Foundation .
Peak oil is the theorized point in time when the maximum rate of global oil production will occur, after which oil production will begin an irreversible decline. [2][3][4] The primary concern of peak oil is that global transportation heavily relies upon the use of gasoline and diesel fuel.