Effect of High Petroleum Prices on Economy
THE UNIVERSITY OF LAHORE ECONOMICS PROJECT
GROUP MEMBERS:SAAD JAVEDUMER SALEEMSAJID MUSHTAQ | BCS01113326BCS01113341BCS0111 |
TOPIC: “EFFECT OF PETROLEUM PRICES ON ECONOMY”
LITERATURE REVIEW:
A literature review is a text written by someone to consider the critical points of current knowledge including substantive findings as well as theoretical and methodological contributions to a particular topic.
Critical points: * history *
History:
Petroleum, in one form or another, has been used since ancient times, and is now important across society, including in economy, politics and technology. The rise in importance was due to the invention of the internal combustion engine, and the importance of petroleum to industrial organic chemistry, particularly the synthesis of plastics, fertilizers, solvents, adhesives and pesticides etc.
Formation from crude oil:
An oil well produces predominantly crude oil, with some natural gas dissolved in it. Because the pressure is lower at the surface than underground, some of the gas will come out of solution and be recovered (or burned) as associated gas or solution gas. A gas well produces predominantly natural gas. However, because the underground temperature and pressure are higher than at the surface, the gas may contain heavier hydrocarbons such as pentane, hexane, and heptane in the gaseous state. At surface conditions these will condense out of the gas to form natural gas condensate, often shortened .
Petrol is obtained from crude oil by fractional distillation and subsequent mixing of some of the fractions to obtain the desired properties. There are seasonal differences in petrol to facilitate vehicle operation under different climactic conditions. Some of the fractions for the petrol may be obtained by "cracking" higher molecular weight fractions to lower molecular weights. Some impurities, like sulfur, and some unsaturation of the fraction may be removed by treatment with hydrogen which
GROUP MEMBERS:SAAD JAVEDUMER SALEEMSAJID MUSHTAQ | BCS01113326BCS01113341BCS0111 |
TOPIC: “EFFECT OF PETROLEUM PRICES ON ECONOMY”
LITERATURE REVIEW:
A literature review is a text written by someone to consider the critical points of current knowledge including substantive findings as well as theoretical and methodological contributions to a particular topic.
Critical points: * history *
History:
Petroleum, in one form or another, has been used since ancient times, and is now important across society, including in economy, politics and technology. The rise in importance was due to the invention of the internal combustion engine, and the importance of petroleum to industrial organic chemistry, particularly the synthesis of plastics, fertilizers, solvents, adhesives and pesticides etc.
Formation from crude oil:
An oil well produces predominantly crude oil, with some natural gas dissolved in it. Because the pressure is lower at the surface than underground, some of the gas will come out of solution and be recovered (or burned) as associated gas or solution gas. A gas well produces predominantly natural gas. However, because the underground temperature and pressure are higher than at the surface, the gas may contain heavier hydrocarbons such as pentane, hexane, and heptane in the gaseous state. At surface conditions these will condense out of the gas to form natural gas condensate, often shortened .
Petrol is obtained from crude oil by fractional distillation and subsequent mixing of some of the fractions to obtain the desired properties. There are seasonal differences in petrol to facilitate vehicle operation under different climactic conditions. Some of the fractions for the petrol may be obtained by "cracking" higher molecular weight fractions to lower molecular weights. Some impurities, like sulfur, and some unsaturation of the fraction may be removed by treatment with hydrogen which