From this study it is clear that while currency may be the central thorough-put of social organization, it is forms of energy that drive the social apparatus. Energy in the form of petroleum, or oil, constitutes the predominant energy form of the modern world. Despite growing concerns about environmental sustainability, and the oftentimes-tumultuous conditions and nations that must be traversed to obtain oil, for the conceivable future this resource is Earth’s primary energy source. The central importance of oil to modern society has necessitated considerable public and private resources are devoted to its procurement. In addition to procurement infrastructure, financial markets have emerged for the sale and speculation on future prices. Oil is a complex resource that must be understood from multi-dimensional perspectives.This paper highlights that oil is procured mainly from drilling methods, including offshore reserves. There are a variety of grades of oil, referred to as benchmarks, a fact that has necessitated differing terminology. To a large degree crude oil benchmarks emerged with the first futures contract on oil in 1983. Today there are three primary benchmarks: West Texas Intermediate (WTI), Brent Blend, and Dubai Crude. West Texas Intermediate is most prominently used in the United States. WTI is also recognized as the highest grade of oil and generally trades at a premium to the Brent Blend and Dubai Crude, although as will be later demonstrated this is a highly volatile market.
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42 pages (10500 words)Dissertation
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