Question

If there are 1.338 trillion barrels of oil in proven reserves and oil consumption is 82.78 million barrels per day, what is the maximum number of years current proven supply of oil runs out, if consumption does not decrease?

Answer 1

Answer:

Oil supply will run out in 44.283 years.

Step-by-step explanation:

There are 1.338 trillion barrels of oil in proven reserves.

If oil consumption is 82.78 million barrels per day then we have to calculate the number of years in which supply of oil runs out.

In this sum we will convert 1.338 million barrels of oil into million barrels first then apply unitary method to calculate the time in which oil supply runs out.

Since 1 trillion = $10^{6}$ million

Therefore, 1.338 trillion = 1.338×$10^{6}$ million

∵ 82.78 million barrels oil is the consumption of = 1 day

∴ 1 million barrels oil is the consumption of = $\frac{1}{82.78}$ day

∴ 1.338×$10^{6}$ barrels will be consumed in = $\frac{1.338(10^{6})}{82.78}$ days

= 16163.3245 days

≈ $\frac{16163.3245}{365}$ years

≈ 44.283 years

Therefore, oil supply will run out in 44.283 years