...A Bad Idea Crude oil is one of the three kinds of fossil fuel (coal, crude oil, and natural gas) that are widely used by humanity. It plays a very important role in our world, as it is one of our primary energy sources. According to the U.S. Energy Information Administration (EIA), the United States is the biggest oil consumption country in the world, which consumes 19.5 million barrels of oil per day (EIA, “Country Energy Profiles: Oil Consumption”). Crude oil can not only be found on the continent, but also in the ocean. The activity that people discover and extract oil from the ocean is called offshore drilling. Offshore drilling has a long history in the United States. The first offshore well was drilled in 1896, in California (“History of Offshore Oil” 163). Oil soon became the primary energy source of the United States by 1910, as the internal combustion engine, which requires gasoline to power, was invented (“History of Offshore Oil” 163). In the next few decades, offshore drilling industry in the U.S. was going up quickly (“History of Offshore Oil” 163-64). Along with the development of the industry, the government regulation came up. To pursue offshore drilling in the U.S. OCS (Outer Continental Shelf) lands, oil companies need to acquire the lease from the U.S. federal government (“History of Offshore Oil” 164). The Outer Continental Shelf Lands Act (OCSLA) passed in 1953 ensured federal government’s control of the OCS (“History of Offshore Oil” 164). However, the...
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...Integrated Science Energy in a system may be transformed so that it resides in a different state. Energy in many states may be used to do many varieties of physical work. Energy may be used in natural processes or machines, or else to provide some service to society (such as heat, light, or motion). For example, an internal combustion engine converts the potential chemical energy in gasoline and oxygen into heat, which is then transformed into the propulsive energy (kinetic energy that moves a vehicle). A solar cell converts solar radiation into electrical energy that can then be used to light a bulb or power a computer. In the modern world we use energy for anything such as to power our house, to drive our car, cellphones and many other devices. We can take the most common use of energy transformation use now which is oil to electricity. Conventional steam - Oil is burned to heat water to create steam to generate electricity and Combustion turbine Oil is burned under pressure to produce hot exhaust gases which spin a turbine to generate electricity. Oil is widely use in our everyday lives even though the try to develop other means of energy oil will be always the number source of energy (http://powerscorecard.org). Fossil fuel is a hydrocarbon deposit, such as petroleum, coal, or natural gas, derived from the accumulated remains of ancient plants and animals and used as fuel. Carbon dioxide and other greenhouse gases generated by burning fossil fuels are considered to be one...
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...Energy Inc. Date: October 19, 2013 Prepared by: Yuehan Zhang (Stefanie) Reviewed by: Professor Robert Elya ISSUE: Accounting for Energy Inc.’s environmental obligations, income tax and install smoke filters. BRIEF BACKGROUND OF COMPANY Energy Inc. (Energy) is a public company that operates in the oil industry. As of December 31, 2011, Energy recognized $ billion in revenue for the sale. Sometimes, Energy’s operations result in soil contamination and Energy should clean up this contamination when legislation requiring under the laws of the particular country. In addition, Energy has a widely published environmental policy in which it undertakes clean up all contamination that it causes. Energy is currently involved in environmental obligations, such as clean up the lands. ACCOUNTING QUESTIONS 1. Does Energy recognizes and accrues the liability of clean up costs in this year? What is the accounting treatment? 2. Is Energy has the obligations to undertake soil remediation in Dirty country? What is the accounting treatment for this operation in Dirty country? 3. What is the accounting treatment for new income tax? What is the accounting treatment for training employees? 4. Does Energy have obligations to install smoke filters this year? What is the accounting treatment for installing smoke filters in Energy’s factories next year? SUMMARY CONCLUSION ON ACCOUNTING QUESTIONS 1. Energy should recognize and accrue the liability of clean up...
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...Introduction: Energy is a global matter and energy policy is at focus of some of the hardest challenges that the world encounter. National governments play the main role in energy governance, the challenges fronting policy makers are beyond the range of any sole national government to succeed, making energy policy a key component of global governance and international relations. The global energy landscape has transformed radically in recent decades. The instability of energy markets is a distinct worry for both developed countries and those countries facing rapid economic growth. II. Objectives of global energy governance: Markets necessitate governance appliances that can impose contracts, define and apply property rights, control...
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...green washing is to preserve and expand their markets by posing as friends of the environment and leaders in the struggle to eradicate poverty. The history of green washing begins with research of environmentalist Jay Westerveld in 1986, in an essay regarding the hotel industry’s practice of placing green placards in each room, promoting reuse of guest-towels, ostensibly to “save the environment. Energy sector represents “biomass, coal, electricity, geothermal energy, hydrogen, hydropower, natural gas, nuclear power, petroleum, solar power, and power wind”, companies involved in generating energy. In this research paper, main focus is analyzing major energy industry components such as Petroleum industry, Nuclear power industry and Coal power industry, in order to explore the related Green Washing phenomenon. As an example for green washing, “Australian Federal Government’s Green Washing Campaign of nuclear power as a “clean” energy source and as the primary solution to reduce Australia’s green house emissions”, analyzed in this research. As an example in coal industry “ the clean coal” campaign recognized and analyzed as an green washing propaganda done by both government and private corporations. In petroleum industry, green washing occurs in two ways such as marketing campaign and research contributions. BP’s Beyond petroleum, and Chevrons “people do” advertising campaigns recognized as a green washing attempts and analyzed. Also ten chosen research agreements between...
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...When asking someone about the top 3 oil companies in the world, it is almost always certain that BP will be named on that person’s list, accompanied by Exxon and Shell. The oil company is such a huge and necessary industry that our country depends on day in and day out. Governments and companies have all looked into different types of alternative energy but there are still none that are near as effective as oil. Oil is a highly flammable, high combustion, fuel that gives high effectiveness. The problem with oil is that it is messy, in many different ways, when burned it sends damaging emissions into our atmosphere, when leaked it kills basically anything in it’s path from animals to plants. The riskiness of oil has caused an uproar around the world recently with the recent “going green phase” and environmentally friendly movement. These largely point towards oil because oil when burned sends large amounts of CO2 into the atmosphere, which does damage to our atmosphere and lets in more Gama radiation from the sun, which heats up the Earth. This causes a large problem for oil companies and their initiative to make money. In this case we will be focusing on BP, a very well known company if not the most well known. The largest problem with BP is, most of us when hearing that name think straight to April, 2010 when a BP oil rig exploded in the Gulf of Mexico leaking out millions of gallons of petroleum. For a company and it’s stakeholders, this is one thing that you don’t want to...
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...Energy in America Hum/111 August 12, 2012 Frank Nolan Energy in America I understand that cost and budgeting is a hot subject in the united states of American with the economy being so bad right now. But I do not think that there is one firm solution the energy needs on the United States. In my opinion I think we should do a combination of both, looking for oil on our homeland has more benefits the negatives. If we where able to find oil on our home land that would lower the price of oil and help build jobs and create a much less need to import oil from other country’s. If we spend money looking for oil in those areas and there is none it can be a huge waste of taxpayers money. Being faced with high risk and reward is always a struggle and the outcome can fall either way. While looking for oil in uninhibited places we should begin to explore other options for energy at the same time from wind, water and solar sources. The United States is depended on energy so reducing the amount used can be a uphill battle I believe we have the technology to create more efficient ways to use or present energy. Going one single route is not the solution to the energy situation in America this is why I think it is always up for debate and this is what makes it difficult to come up with a solution for the actual problem. I think if we take our time and per sue those options bit by bit , over time the true answer will come to surface. (chu, jan ) states that President Obama has been...
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...America’s Future with Renewable Energy Robert Keith Clark ENG122 Prof. Sabine Meyer May 5, 2013 America’s future with renewable energy Only a very small percentage of the energy from the sun reaches the earth. However, one hour of that sunshine provides enough energy to power the entire world for a year (National Geographic, n.d.). As America moves forward into the 21st century, U.S. environmental policies need to do more to encourage green renewable energy technology thus reducing dependence on foreign oil, while focusing on environmental concerns, and helping to ensure that the United States remains a world leader. Methods Initial research for this project began with a look at U.S. government statistics and websites. However, as the research continued the Ashford library became a valuable source of information. This research paper is a combination of scholarly journal articles and other reliable articles from reputable news organizations. Some of the data came from teams of scientists and other international organizations that collect and organize data about renewable energy and environmental issues. One source that was particularly useful was America’s Energy Future (2009); the book was written by the Committee on America’s Energy future, the National Academy of Sciences, the National Academy of Engineering, and the National Research Council. Even though the information contained in this research project came from reliable sources, the information...
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... | |Gulf Oil Spill | |[The devastating Impact - Discussion] | | | | | |[The Gulf Oil Spill brought into notice the impact that these disasters can cause. We need to look at how and what brunt it brought with it | |and how can we help avoid such conditions to appear again.] | The Gulf of Mexico Oil Spill commenced on April 20, 2010 and continued for next 86 days. It was disastrous to the extent that it killed 11 men and led 17 people severely injured. The loss of crude oil is estimated to be 4.9 million barrels. This was controlled later but the devastating effect did not last. It has contributed to the deterioration of air and water through pollution. The oil evaporation happens to create very small particles called aerosols and...
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...Deep Impact: Fracturing Planet Earth for Clean Energy Deep Impact: Fracturing Planet Earth for Clean Energy 1 Name University WGU Student ID# Deep Impact: Fracturing Planet Earth for Clean Energy 2 Shale gas has been acclaimed as the solution for a clean energy alternative. It burns cleaner than both coal and oil. There are vast quantities located in several shale formations domestically, in the United States (U.S.). Natural gas is an odorless, colorless hydrocarbon composed mostly of methane found deep in the earth in formations known as shale. In mid-1997, George Mitchell, an independent prospector made a discovery that would change the natural gas exploration industry for the twenty-first century. (Hinton, 2012). The modification of the well completion technology known as hydraulic fracturing (fracking) and horizontal drilling allowed the oil and gas industry the ability to tap into natural gas reserves trapped in shale deposits miles beneath the earths’ surface. (Hinton, 2012). Mitchell found that forcing fracking fluid at extremely high pressure into the shale formations created fissures in surrounding rock releasing the hydrocarbons and capturing them in the well head. The fracking fluid, also referred to as slick water, is made up of water, chemicals, and sand. Heywood (2012) reports that members of the energy and commerce committee of the U.S. House of Representatives said that between 2005 and 2009 the oil and gas service companies were using over 2,500...
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...The Abilities of Fossil Fuels HUM/114 25 Apr 2011 Fossil fuels provide 85% of the energy used in the United States. At the same note, fossil fuels also cause 80% of the global warming pollution in this country. Therefore, there is no doubt that the United States should seek other energy sources. I believe harnessing the unlimited power provided by the wind and the sun is our best recourse. Some people would debate that these projects would be expensive. On the other hand, I think these will be cost effective, as trying to clean up the air, sea, and land from pollutants produced by coal, oil and petroleum, is even more expensive. If we are to spend money on finding other energy sources, rather than finding oil sources in the country, we might as well invest in technology to harness wind, solar and geothermal power. Sadly, some politicians do not support this idea because of vested interests. Oil and gas companies have donated $238.7 million to candidates and parties since the 1990 election cycle. Greenpeace, an independent environmental organization, states in their website that with the current technology, renewable energy sources like wind, solar and geothermal can provide 96% of our electricity and 98% of our total heating needs. Business companies can begin transitioning into using clean energy sources and should educate themselves about the different incentives at the local, state and federal levels. Greenpeace further stated that investing in...
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...Oil spills can destroy marine biomes across the globe, yet they are still extremely common, and there’s no truly effective way to handle them. Two of the largest oil spills that ever occurred are the Gulf Oil Spill and the Arabian Gulf Spill. Both spills wreaked havoc on the environment surrounding them, endangering birds, destroying coral reefs, washing up on beaches, and so much more. Surprisingly, both ecosystems have recovered more quickly than was originally expected. Within 5 years, they returned to almost normal conditions. This is likely in part because of the incredible amounts of money spent and the charities that organized community clean-ups. The Arabian Gulf Spill leaked as many as 336 million gallons of oil into the ocean, and...
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...ADVANTAGES AND DISADVANTAGES OF ENERGY SOURCES Prepared by Sandra Vasa-Sideris, PhD, Southern Polytechnic State University, for use by students © Questions to consider • • • • • • • Where are the nonrenewable sources of energy located? How easy is it to gain access to these sources? What are the consequences of using these sources (fuels)? What are the costs (direct and indirect) of using these sources? Are there viable alternative sources of fuel? What is the current cost of crude oil and other forms of energy? What else have you learned about these resources? What is the political environment for these energy sources? NATURAL GAS Advantages • • • • • • • Burns clean compared to cola, oil (less polluting) 70% less carbon dioxide compared to other fossil fuels helps improve quality of air and water (not a pollutant) does not produce ashes after energy release has high heating value of 24,000 Btu per pound inexpensive compared to coal no odor until added Drawbacks • • • not a renewable source finite resource trapped in the earth (some experts disagree) inability to recover all in-place gas from a producible deposit because of unfavorable economics and lack of technology (It costs more to recover the remaining natural gas because of flow, access, etc.) Other information • • 5,149.6 trillion cubic feet of natural gas reserve left (more than oil but less than coal) 23.2% of total consumption of natural gas is in the United States WATER POWER Pros • • • • • • • Provides water...
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...Global Warming: Eye Opening Facts that it is Refutably upon Us Terrie M. Hornbeck Buena Vista University Author Note Prepared for: Laura Brahn’s Globalism Seminar Abstract In recent years, scientists noticed that the average temperature of the Earth was increasing and looked for causes for the change. It is clear that the Earth has had changes in its average temperature many times in the geologic past before humans were present (Enger & Smith, 2013). Therefore, scientists initially tried to determine if the warming was a natural phenomenon or the result of human activity. Several gases such as carbon dioxide, chlorofluorocarbons, methane, and nitrous oxide are known as greenhouse gases because they let sunlight enter the atmosphere but slow the loss of heat from the Earth’s surface. Evidence of past climate change going back as far as 160,000 years indicates a close correlation between the concentration of greenhouse gases in the atmosphere and global temperatures. Computer simulations of climate indicate that global temperatures will rise as atmospheric concentrations of greenhouse gases increase, and there are many others effects predicted by an increase in temperature. Since these predictions are based on computer models of climate, some scientists criticized them as being inaccurate and constructed from sketchy data. Because major disagreements arose over the significance of global warming, the United Nations Environment Programme established an Intergovernmental...
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...Waste and Energy Paper Team A ENV 100 February 13, 2012 Instructor - Onesimus Otieno Waste and Energy Paper Oil is formed when large quantities of dead organisms, usually zooplankton and algae, are buried underneath sedimentary rock and undergo intense heat and pressure. Petroleum is recovered mostly through oil drilling. Oil is then refined and separated into different products – such as gases, jet fuel, heating oil, diesel, and asphalt. Oil is also used to make petrochemicals, compounds used to make products such as fertilizers, plastics, paints, pesticides, medicines, and synthetic fibers (Berg & Hager, 2009). Most environmental problems associated with oil are caused by burning and transporting it. Burning oil produces carbon dioxide, which is a greenhouse gas, so it contributes to global warming. It can also lead to acid deposition because the combustion of oil is the leading cause of nitrogen oxides. Nitrogen oxides inhibit plant growth and they are involved in photochemical smog and acid deposition (Berg & Hager, 2009). They can also lead to acidification of soils, affecting the plant varieties that are able to grow in the soil. This leads to a decrease of diversity in the environment. Plants that cannot handle acidic soils die off. In turn, animal species in the area decrease as only the species that can live off of those particular plants will thrive. Others will move on to new areas looking for plants that they have become accustomed to. Another...
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