In what year will we use up the estimated worldwide resource of this fuel in the following case:
In 1998 the world consumption rate of reﬁned petroleum products was estimated to be 73.642 million barrels a day. As of January 1, 2000, the Oil & Gas Journal reported the world wide crude oil resources to be 1, 016.8 billion barrels. Assume that we continue to consume petroleum at the 1998 consumption rate, in what year will we use up the estimated worldwide resource of this fuel?
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In 1998 the world consumption rate of reﬁned petroleum products was estimated to be 73.642 million barrels a day. The world wide crude oil resources to in 2000 are estimated to be 1016.8 billion barrels.
At the rate of consumption of 1998, the world wide crude resources would be consumed in `(1016.8*10^9)/(73.642*10^6*365) ~~ 37.82` years. Or the reserves would be totally consumed in the year 2037
The crude oil resources available as of the year 2000 if consumed at the rate they were in 1998 would last just short of 2038.
Daily rate of consumption of crude oil = 73.642 million barrels
Crude oil resources = 1, 016.8 billion barrels = 10168*1000 = 1016800 million barrels
Time required to consume the resources = 10160800/73.642 = 13807 days =37.8 years (assuming 1 year =365days)
The oil resources will be used up in year 2000+37.8 = 2038
The oil resources are estimated to be used up in year 2038 if consumed at the rate of year 1998
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