According to the Oil & Gas Journal, the proven oil reserves ofthe top 12 oil producers
Chapter 7, Problem 12(choose chapter or problem)
According to the Oil & Gas Journal, the proven oil reserves ofthe top 12 oil producers was 1,137 billion barrels of oil in 2007.In that year, the U.S. Energy Information Administration reportedthat the daily oil production from these nations was48.2 million barrels a day.a. At this rate, how many years will the proven oil reserves ofthe top 12 oil producers last? Discuss the Malthusian viewin the context of the number you just calculated.b.What are some important assumptions implicit in your calculationsthat challenge the Malthusian view on this issue?c. Discuss how market forces may affect the amount of timethe proven oil reserves will last, assuming that no new oil reservesare discovered and that the demand curve for oil remainsunchanged.
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