a. In the table below:
i. Rank the three nations that consumed
the most petroleum in the most recent year;
ii. Record how much each nation consumed;
iii. Estimate the proportion of world
consumption represented by these figures (e.g. If Canada consumed 1,857
thousand barrels of oil per day, that would be 2.5% of the world consumption
total of 73,008 thousand barrels per day);
iv. Record how much oil was produced
in each nation.
Petroleum consumed
Proportion of world
Oil produced
Rank Nation (1,000s of barrels
per day) consumption (%)
(1,000s of barrels per day)
1
2
3
U.S. oil reserves
Examine a table of crude oil reserves. There are two estimates in the table, use the one from the Oil and Gas Journal.
b. What are the estimated reserves of crude oil in the U.S.?
___________________ billions of barrels
We can use information on oil consumption rates and crude oil reserves to determine how long will the global oil reserves will last at current consumption rates. For example, if worldwide oil reserves are 1,000,000 million barrels and world consumption is approximately 73 million barrels per day then we would use more than 26,000 million barrels per year. At current consumption rates, global reserves would last for a little over 39 years.
c.
How many years would the U.S. oil reserves last if all petroleum was to be extracted at the most recent consumption rates (see table)? This assumes the U.S. would be rely solely on its own petroleum reserves to supply demand.
U.S. consumption rates in millions of barrels per day _________________
How much consumption would occur in a year? __________________
How many years would U.S. reserves last at current consumption rates?
_______ years
d. Is it likely that the U.S. will be self-sufficient in
oil production in the future? Explain.