ECONOMICS

Economics for Management

Economics for Management

Fossil Fuels: Introduction and Background

Fossil fuels, also known as a fossil fuel is a hydrocarbon or a derivative thereof, including the natural resources of coal, oil and natural gas. The use of fossil fuels to make large scale industrial development and alternative water tankers. When power in the process of burning fossil fuels to generate energy to drive turbines to generate power (Syed et al, 2007). The old style generators use steam to drive turbines. At present, many power plants have been using a gas turbine engine, that is the use of gas directly to drive turbines. Continuous human burning of fossil fuels and emissions of carbon dioxide (one of the main sources of greenhouse gases) is one of the factors that accelerate global warming.

Economic Changes

Entered the pace of global modernization in the 20th century to the 21st century, fossil fuels (fossil fuel) potential energy shortage crisis, especially from the petroleum refining gasoline, one of the reasons is the possibility of a global oil crisis (Syed et al, 2007). At present, the Australia is moving towards the development of renewable energy and nuclear power, which can help increase the energy required worldwide. Petroleum is the wreckage of the accumulation of micro organisms in water, formed under the action of high pressure hydrocarbon compounds. The oil can be obtained after refining gasoline, kerosene, diesel oil and heavy fuel oil. The uneven distribution of oil on Earth, and the Middle East accounted for 54%, North America 12%, South America accounted for 9%, accounting for almost confirm buried 3/4. Oil shale is formed after the algae charring, ash containing too much, mostly not self. Oil sands containing a heavy oil, 4 to 20% sand. Oil shale and oil sands in the Americas mainland ones. Direct mining in underground gas containing methane. At minus 162 degrees Celsius cooling, liquefaction, LNG large dedicated seagoing vessel or tank transport. The distribution of natural gas is also very biased towards the Middle East, the Americas and continental Australia (Syed et al, 2007). Combustible ice is the recent discovery of combustible materials stored in the deep sea low a solid form of methane.

In addition, the composition of carbon dioxide in the biofuels from the atmosphere, therefore, the development of bio fuels canreduce the carbon dioxide in the atmosphere, thereby reducing thegreenhouse effect. So far, the Australia fuel used by almost all fossil fuels oil, natural gas and coal. The natural sector experienced gradually formed millions of years of fossil fuel, may be a few hundred years, exhausted all humans (Syed et al, 2007). It has been observed that, studies show that today underground coal and oil in the formation (Jackson, et al, 2007). Oil, also called crude oil, it is combustible viscous liquid yellow to black, and often coexist with natural gas, is a very complex mixture.

Oil 10,000 barrels Fossil fuels Natural gas 120 trillion cubic meters Coal 1 trillion tons calculated in accordance with the speed of the Australia consumption of fossil fuels, there are still about these ...