Oil and Natural Gas Management and Extraction

Major oil reserves are concentrated in few countries like Russia, USA, and China; smaller countries can also have significant oil, e.g., Venezuela (largest reserves globally).
Venezuela's oil reserves lead to geopolitical interests, including military positioning by external powers.
Qatar has significant oil and gas reserves with a huge ecological footprint, highlighting economic ties with the USA.
Canada ranks high in oil reserves (close to Saudi Arabia); US primarily imports oil from Canada, particularly from tar sands.
Tariffs on Canadian oil could harm US interests by pushing Canada to seek other markets like China.
Environmental considerations in oil extraction include primary, secondary, and tertiary methods for oil extraction.
Increasing global demand for oil necessitates innovative extraction methods in various regions.

Natural gas is cleaner than coal and essential for electricity generation.
Directional drilling technology enables access to natural gas in hard-to-reach shale formations, leading to increased recoverable supplies.
Hydraulic fracturing (fracking) uses water and sand to crack rock, releasing natural gas; it’s less invasive than other extraction methods but carries ecological risks.

Natural gas extraction comes with potential hazards such as water contamination, leading to dangerous situations in communities.
Fracking has caused local community backlash due to pollution risks; regulations are critical to ensure environmental protection.
Global demand dictates energy strategies, putting pressure on the US to extract energy close to home to avoid relying on unstable geopolitics.

Improved monitoring is crucial in the fracking process to prevent environmental damage; laws regarding mineral rights need updating.
Companies may take natural gas from under properties without proper compensation due to inadequate mineral rights legislation.
While fracking can serve as a temporary solution, over-reliance may hinder progress towards renewable energy adoption.

Accidents in fossil fuel extraction and distribution (e.g., oil spills, pipeline leaks) have significant environmental impact.
Fossil fuel companies are investing in renewable energy as a long-term strategy to diversify and manage risks.
The market is gradually pushing towards cleaner energy solutions like wind and solar, driven by technological advances.

Carbon tax initiatives in Canada have effectively reduced fossil fuel consumption by making polluting more costly.
Cap-and-trade programs incentivize industries to reduce emissions while allowing flexible compliance measures.

Carbon capture and storage (CCS) can mitigate CO2 emissions but is not a definitive solution; it's essential to transition to more sustainable energy sources.
Local opposition to CCS arises from safety concerns regarding potential leaks and pollution risks.
Balancing energy needs with environmental responsibility is crucial as fossil fuel dependency continues to intersect with global energy demands.