Homework Solution

TQ 1-3

Given:   

        World oil usage rate is 78 MBPD = 78 x 10⁶ bbl/day.

Find:

        How long will oil last at the current consumption rate?

Science:

        t =    world oil reserves
                world oil usage rate

Solve:

        From Table 1.1 on page 15 of the text:

        World proven oil reserves (2003) = 1213 x 10⁹ bbl

        t = 1213 x 10⁹ bbl       = 15551 days
              78 x 10⁶ bbl/day

        t = 15551 days      = 43 years _ans
             365 days/year