Global proved crude oil reserves in 2011 were approximately 1.51012 barrels. Global annual consumption was about 3.21010

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Global proved crude oil reserves in 2011 were approximately 1.51012 barrels. Global annual consumption was about 3.21010 barrels in 2011.

(a) Estimate the static reserve index.

(b) Assuming a 1.4% annual increase in consumption, how much oil would be consumed after n years since 2011? How much oil would be consumed in 2030?

(d) Put in common language what the static reserve index and exponential reserve index indicate for global oil.

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Statistics Informed Decisions Using Data

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5th Edition

Authors: Michael Sullivan III

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Posted Date: Mar 22, 2024 01:20 AM

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Global proved crude oil reserves in 2011 were approximately 1.51012 barrels. Global annual consumption was about 3.21010

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Statistics Informed Decisions Using Data

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