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This lesson introduced you to the global markets for the petroleum commodities (crude oil, refined products, and natural gas). These commodities, along with coal, are commonly called fossil fuels. The inherent value of these fuels comes from their relative ease of transportation, their energy density, and their ability to be inventoried and dispatched as needed to meet demand. These characteristics should always be kept in mind when trying to understand the challenges associated with a transition away from fossil fuels.
There is a great deal of complexity in the world petroleum markets. There are entire 3- and 6-credit courses offered on the subject. We covered a lot of ground in this single module. There is also supplementary material from the previous iteration of EME 801 (written and developed by Dr. Seth Blumsack) which is attached as an appendix. You are strongly encouraged to read this material and digest it as further background on energy markets provides great insight to inform decisions that each of you will be called on to make.
Reminder - Complete all of the Lesson 10 tasks!
You have reached the end of Lesson 10! Double-check the What is Due for Lesson 10? list on the first page of this lesson to make sure you have completed all of the activities listed there before you begin Lesson 11.