The price of oil has drastically changed
the way that oil companies are handling its production. When the price of oil was
high companies were focused on mass production. Trying to pump as much oil as
possible because it was very profitable. Now the price of oil has decreased and
it is not as profitable you drill multiple wells as it is to drill a few wells
and get more oil out of them. Many companies are moving toward technology that
make oil wells more efficient. This new technique is call fracking or scouring.
The way fracking works is by pumping microbial organisms into the wells. These organisms
latch onto the oil particles and separate them allowing them to seep out of the
ground with a faster rate. Think about it like a screen window. Big objects can
not fit through the screen but when they are broken up then it allows them to
slip through the cracks. This picture provided by The Wall Street Journal gives
you a much better idea of how it works.
I personally believe
that oil companies should have invested in this technique a long time ago. Even
though this technique is still not fully developed with a little more research
and development these new technologies will make the drilling industry much
more effective. I believe that this technology will better society because it
will give a greater yield of oil in each well in return allowing oil companies
to drill less wells and putting less strain on the environment. I can not think
of anyone that would be opposed to investing in this technology because I see
it as nothing but beneficial. The other piece of technology that companies are
investing in is lasers that can identify drilling cites more accurately then
conventional methods. These lasers will allow drillers to see where the best
place to drill is that will give the well the most yield. I think that once these
methods are perfected it will will bring the price of oil down for consumers
even more benefiting the consumer in this tough economy.
Sider, Alison, and Erin Ailworth. "Oil Companies Tap
New Technologies to Lower Production Costs." Http://www.wsj.com/.
The Wall Street Journal, 13 Sept. 2015. Web. 20 Sept. 2015.
<http://www.wsj.com/articles/oil-companies-tap-new-technologies-to-lower-production-costs-1442197712>.
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