Question 23.41

11. At the start of 2015, world oil proved reserves (including oil sands suitable for fracking) totaled 1326 billion barrels, while daily consumption was 93 million barrels. The U.S. Energy Information Administration (EIA) projected in 2010 that world consumption would increase 1.0% per year through 2035.

  1. What was the static reserve for oil at the start of 2015?
  2. What was the exponential reserve for oil at the start of 2015?
  3. image What considerations may affect the answers to parts (a) and (b) over time?

11.

(a) 14 years

(b) 13 years

(c) Answers will vary.