When a magnet is created, the electrons inside of it are aligned and stuck so that they point in a north/south direction (the magnet’s polarity). The number of electrons that line up in this configuration determine how strong a magnet is–the more electrons, the stronger the attraction.

Factors that affect the strength of an electromagnet are current, strength of magnetic material, and conductivity of electric metal. Changing the amount of current flowing through the electromagnet will also change the field it produces. The greater the current in the coil, the stronger the magnetic field will grow.

Factors affecting energy supply

• Physical factors – fossil fuels were formed millions of years ago.
• Cost of exploitation and production – wages count towards the overall cost of energy production.
• Technology – improvements in technology can open up new opportunities for energy use.

Price Determination: 6 Factors Affecting Price Determination of Product

• Product Cost: The most important factor affecting the price of a product is its cost.
• The Utility and Demand:
• Extent of Competition in the Market:
• Government and Legal Regulations:
• Pricing Objectives:
• Marketing Methods Used:

Changes in prices generally reflect variations in electricity demand, availability of generation sources, fuel costs, and power plant availability. Prices are usually highest in the summer when total demand is high because more expensive generation sources are added to meet the increased demand.

There is a range of factors that affect the availability of energy, including physical factors, cost of exploitation and production, technology and political factors.

• Physical factors.
• Cost of exploitation and production.
• Technology.
• Political factors.

Coal and natural gas are expected to last a little longer. If we continue to use these fossil fuels at the current rate without finding additional reserves, it is expected that coal and natural gas will last until 2060.

Other sources estimate that we will run out of fossil fuels much earlier – for example, oil deposits will be gone by 2052.

World Oil Reserves The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves).

Since 2010, the stock values of the four largest oil and gas firms have plummeted by more than half. In five of the past seven years the oil and gas industry ranked last among all sectors of the S&P 500, falling to less than 3 percent of total value of the index at the end of 2020.

If oil is constantly being formed by the heat and pressure of the earth’s mantle, is there enough oil to last us forever? The short answer is no. We’re quickly using up all the accessible oil in the planet’s crust, and it will take millions of years for more to form.

“The world will run out of oil in 2030, and other fossil fuels in 2050.” In the 1950s, a geologist named M. Based on his statistical analysis of the data, he projected that U.S. oil production would peak in the 1970s and that world oil production would peak during the first decade of the 21st century.

Without oil, cars may become a relic of the past. Streets may turn into public community centers and green spaces filled with pedestrians. Bike use might increase as more people ride to school or work. The Earth will begin to heal from over a century of human-caused climate change.

Venezuela has the largest amount of oil reserves in the world with 300.9 billion barrels.

When oil and gas is extracted, the voids fill with water, which is a less effective insulator. This means more heat from the Earth’s interior can be conducted to the surface, causing the land and the ocean to warm.

Oil and gas production are among the main culprits of air pollution – one of the world’s biggest killers according to the United Nations. When fossil fuels are burned by power plants, automobiles and industrial facilities, they generate toxic gases.

Proponents of the abiogenic theory often claim that the supply of oil from the earth is effectively limitless. However, it is possible (and relatively easy) to deplete oil deposits, and, once depleted, they do not appear to refill.

Oil is the earth’s blood, they insist: pumping it out of the ground would upset the cosmic balance and send the world spinning toward destruction. …

get when we burn oil is basically solar energy stored several millions years ago. Most of the living organisms/ plants / algae get their energy via photosynthesis i.e. from solar energy. Thus, oil’s purpose is not to start a new cycle but it is the end product of an old cycle.

The ocean

Crude oil is formed from the remains of dead organisms (diatoms) such as algae and zooplankton that existed millions of years ago in a marine environment. Once they died their remains sank to the bottom of the oceans or riverbeds and were buried in layers of sand, mud and rock.

Oil and natural gas do not come from fossilized dinosaurs! Thus, they are not fossil fuels. That’s a myth. According to Wikipedia, the term “fossil fuel” was first used by German chemist Caspar Neumann in 1759.

In 1859, at Titusville, Penn., Col. Edwin Drake drilled the first successful well through rock and produced crude oil. What some called “Drake’s Folly” was the birth of the modern petroleum industry. He sold his “black gold” for $20 a barrel.

It took millions of years for it to form, and when it is extracted and consumed, there is no way for us to replace it. Oil supplies will run out. Eventually, the world will reach “peak oil,” or its highest production level. Some experts predict peak oil could come as soon as 2050.

10 Biggest Oil Companies

• #1 China Petroleum & Chemical Corp. (SNP)
• #2 PetroChina Co. Ltd. (PTR)
• #3 Saudi Arabian Oil Co. (Saudi Aramco) (Tadawul: 2222)
• #4 Royal Dutch Shell PLC (RDS. A)
• #5 BP PLC (BP)
• #6 Exxon Mobil Corp. (XOM)
• #7 Total SE (TOT)
• #8 Chevron Corp. (CVX)