Question: crude oil reserves are about 16879 billion barrels and current...
Crude Oil reserves are about 1,687.9 billion barrels and current usage is about 34 billion barrels per year. The growth in demand from 1973 to 2019 is 15% in the US, and 280% in Asia.
1) If we assume on average the global growth in demand increases exponentially at a constant rate of 1.1% per year, how long would it take to use up all of the reserve?
2) If the reserve is now doubled, at the same rate exponentially, how long would it take to use up all of the reserve?