To date, the world has produced 1 trillion barrels of oil. It is expected that approximately 2 trillion barrels more will be produced over the next century or so. It will come from conventional proved reserves, unconventional resources and as-yet-undiscovered conventional oil. Some of the unconventional oil resources are the extra-heavy oil in Alberta and Venezuela, the bitumen in Alberta, and the shale oil in the United States.
As we progress, oil will continue to provide energy for the future. Oil and petroleum products have powered the world in the form of motor fuels for more than a century, and the demand is only growing. Between now and 2030, global energy consumption is projected to jump more than 50 percent, with oil and gas continuing to meet the largest part of that demand.
Oil is also a key ingredient in making thousands of products that make our lives easier. Here too oil will continue to make our life progress for the better. At the oil refineries chemical processing turns the crude oil into mixtures that produce products such as plastics found in our everyday objects, synthetic rubber used to make things more pliable and stretchy, synthetic fibers found our clothing to make them more comfortable, drugs to help us fight diseases, and detergents to make our cleaning process easier. A liquid obtained from refining crude oil called naphtha is one of the basic feedstocks.
Basically, there are three major categories for petroleum-based products:(fuels such as gasoline and diesel fuel,non-fuel products such as solvents and lubricating oils, and feedstocks such as naphtha. Petroleum-based products, especially motor gasoline, distillate (diesel) fuel, and jet fuel, provide virtually all of the energy consumed in the transportation sector. Transportation remains the greatest single use of petroleum. The industrial sector is the second largest petroleum consumption, and the residential/commercial including the electric utility sectors account for the remaining petroleum consumption.
The value of oil is enormous. The world depends on it greatly. Without oil, the world would not move. The oil companies in the United States, like Triple Diamond Energy Corporation, keep their operations running smoothly, efficiently, and safely to provide the products that supply the ever-increasing demand. They seek out further discoveries and keep up with the future explorations worldwide. Cutting-edge technology advances enable them to progress in innovative and cost-conscious ways to bring new volumes of oil to the marketplace. Again, it is expected that approximately 2 trillion barrels more will be produced over the next century or so.