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Crude Oil Supply/Demand

Here are the questions that everyone should discuss:
1) When will the world run out of proven reserves of crude oil ? Pick one of the answers below, and explain clearly why you picked this answer.
A) In 1,317/31 = 42 years.
B) Never
C) It cannot be determined.

2) When will the world run out of crude oil (meaning actual crude oil under the ground, not proven reserves)? Pick one of the answers below, and explain clearly why you picked this answer.
A) In 1,317/31 = 42 years.
B) Never
C) It cannot be determined.

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1. For this problem, you need to use the reserves/production (R/P) ratio. The reserves/production ratio is the proven reserves quantity divided by the production in the last year, and the result will be the length of time that those remaining proved reserves would ...

Solution Summary

The expert examines crude oil supply and demand.

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