Energy economicsEnergy economics is a broad scientific subject area which includes topics related to supply and use of energy in societies. Considering the cost of energy services and associated value gives economic meaning to the efficiency at which energy can be produced. Energy services can be defined as functions that generate and provide energy to the “desired end services or states”. The efficiency of energy services is dependent on the engineered technology used to produce and supply energy. The goal is to minimise energy input required (e.
Tar pitTar pits, sometimes referred to as asphalt pits, are large asphalt deposits. They form in the presence of oil, which is created when decayed organic matter is subjected to pressure underground. If this crude oil seeps upward via fractures, conduits, or porous sedimentary rock layers, it may pool up at the surface. The lighter components of the crude oil evaporate into the atmosphere, leaving behind a black, sticky asphalt. Tar pits are often excavated because they contain large fossil collections.
Downstream (petroleum industry)The oil and gas industry is usually divided into three major sectors: upstream, midstream, and downstream. The downstream sector is the refining of petroleum crude oil and the processing and purifying of raw natural gas, as well as the marketing and distribution of products derived from crude oil and natural gas. The downstream sector reaches consumers through products such as gasoline or petrol, kerosene, jet fuel, diesel oil, heating oil, fuel oils, lubricants, waxes, asphalt, natural gas, and liquefied petroleum gas (LPG) as well as naphtha and hundreds of petrochemicals.
