In about 2005, the American Petroleum Institute (API)suggested that within the U.S. alone, there was sufficient oil
Question:
In about 2005, the American Petroleum Institute (API)suggested that within the U.S. alone, there was sufficient oil (117billion barrels) to supply 60 years of gasoline for 65 millioncars. Is this a reasonable solution for the United Statestransportation energy needs?
A. No, because there are actually more than 240 million cars andSUVs in the United States (i.e., in 2005 there were about 240million vehicles whereas today there are 260 million).
B. No, because the API is a lobbying agency which is known tospread false information.
C. Yes, because within 50 or 60 years, we will have createdviable renewable energy sources for transportation.
D. Yes, because the U.S. actually does have well over 100billion barrels of oil still unused in various rock formations,which is sufficient for our daily needs over the next 60 years.
Intermediate Accounting
ISBN: 978-0324312140
16th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen