1.13. According to the Oil & Gas Journal, the proven oil reserves of the top 12 oil producers was 1,137 billion barrels of oil in 2007. In that year, the U.S. Energy Information Administration reported that the daily oil production from these nations was 48.2 million barrels a day.

a. At this rate, how many years will the proven oil reserves of the top 12 oil producers last? Discuss the Malthusian view in the context of the number you just calculated.

b. What are some important assumptions implicit in your calculations that challenge the Malthusian view on this issue?

c. Discuss how market forces may affect the amount of time the proven oil reserves will last, assuming that no new oil reserves are discovered and that the demand curve for oil remains unchanged.