In 1920, it was reported that there were 60 billion barrels of oil in the world oil reserves and we were using 6 billion barrels per year. Given this data, the world should have run out of oil in ten years. However, more recent data suggests that there are currently 1.7 trillion barrels of oil in the world oil reserves and that we are using 34 billion barrels of oil every year. Given that petroleum reserves are a non-renewable resource, how do explain the fact that the world has not run out of oil when it was supposed to over 80 years ago

Question

Jerry Hopkins

Business

24 June, 14:40

In 1920, it was reported that there were 60 billion barrels of oil in the world oil reserves and we were using 6 billion barrels per year. Given this data, the world should have run out of oil in ten years. However, more recent data suggests that there are currently 1.7 trillion barrels of oil in the world oil reserves and that we are using 34 billion barrels of oil every year. Given that petroleum reserves are a non-renewable resource, how do explain the fact that the world has not run out of oil when it was supposed to over 80 years ago

+5

Answers (1)

Know the Answer?

Boston Simmons · Answer 1

Discovery of new oil reservoirs and technological developments on oil extraction.

Explanation:

The world has not run out of oil by two reasons. First, the discovery of new oil reservoirs and, second, the development of new technologies that increased extraction efficiency in a feasible way.