Question
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
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?
(c) Estimate the exponential reserve index.
(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
Authors: Michael Sullivan III
5th Edition
978-0134135373, 134133536, 134135377, 978-0134133539
