b) Using the period 1960-1980 as a baseline, extrapolate what the world oil use should be in 2019 (try to show this extrapolation on your graph by just making numbers in an alternate column). This extrapolation should be quite a bit higher than actual oil use in 2019 - comment on why you think the world did not reach this high of level of oil production and consumption. c) There is always the question of "when will we run out of oil"? The following table shows the top 15 countries with the most oil reserve and these consitute 95% of world oil production. All data refer to 2016, things have changed slightly since then but that doesn't matter for purposes of this question. Note also that not all countries have the kind of infrastructure to rapdily access these reserves to ramp up production (Venezuela, Russia, Nigeria for example).
c) Which countries combined together have about 50% of the world's remaining oil? d) Do some research to determine the daily use of petroleum in the USA in units of MBD. From that number determine how many years of oil are available to the USA if it had to rely only on its oil reserves. If the USA had exclusive rights to the Canadian Resevers, how may more years would the USA have? e) Calculate the total reserve available in those 15 countries and compare that to the annual consumption for 2016 (remember the data values in the spread sheet or per day - MBD). Based on this, approximately how many more years of oil remain, given our current level of consumption. f) Argue whether or not we should be suprised that we are running out of oil? a) Summarize some of the new methods that now exist to discover possible new sources of oil. b) Summarize the worldwide activity that is taking place to drill for new oil in the years 2017 - 2019. c) Is the expected yield of the discovery of these possible new oil resources worth it, relative to our existing consumption level. 3. This question makes use of This EIA Database
An editorial in your student newspaper claims that US foreign policy has been oriented towards protecting US interests in the Middle East for the last 35 years because "almost all of our imported oil comes from the Middle East - everyone knows this".
and report those averages here. b) Using this This tool - plot the data you just got and make a screen shot of that plot and insert it into your answer document. c) This EIA report gives the current situation. From this data, what is the current ratio of Group A to Group B? How does this ratio compare to that of the 1980s? d) For the top 10 countries listed as of March 2020 that make up our import porfolio, go back to the main database which allows you to view the graphical history of production for various countries. For these 10 countries, inspect those histories and determine which countries are increasing their imports to the US and which countries are decreasing. For those countries in decline, determine how far below their import peak are these countries now. For example, you should find Mexico is down about 1 million barrels a day (a thousand thousand is one million). e) Based on this data, write a 150 word rebuttal letter to the Editor of your student newspaper. |