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You are forecasting the crude oil demand. Assume that (A) the only source of demand is car use, (B) a refinery can extract only gasoline
You are forecasting the crude oil demand. Assume that (A) the only source of demand is car use, (B) a refinery can extract only gasoline from crude oil and has to discard any remaining contents of crude oil, and (C) only gasoline is used by cars as fuel. Also assume 1 barrel = 150 litres. You are provided the following demand information. Gasoline content of each crude oil barrel = 41.22%. Average car fuel efficiency = 9.60 litres of gasoline per 100 KMs driven. Average KMs driven per car per day = 10.50 KMs per car per day. Average number of cars per capita = 0.81 car per person. Population level = 7.1 billion people. How much is the assumed crude oil demand as measured in million barrels of crude oil per day? 93.76 MM barrels per day 96.10 MM barrels per day 98.45 MM barrels per day 100.79 MM barrels per day 103.13 MM barrels per day
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