5. World production of petroleum Production" Proved reserves No. of Country (10 bbl/day) Producing Wells Table 2.2 Major Oil (10bb) Producing Countries and Non-OPEC their current production Canada 2243 16.9 54,061 China 3.406 23.7 rates, proved reserves egypt 3.6 and number of wells Mexico 3.339 16.0 Norwa 2.861 10.1 Russia 7,979 41,19 United Kingdom 2,123 The total world production United States 5,731 521070 in2003Was68561X103 Total Non-OPECb 40.90 OPEC bbl/day algeria 1587 113 Indonesia 1,190 3.744 130.7 1,120 aq 1,101 1150 1685 Kuwait 2,176 96.5 OPEC: Organization of Libya 1415 Nigeria 34.4 Petroleum Exporting Tatar Countries Saudi arabia 9,031 262.7 1560 United Arab Emirates 978 Venezuela 2.144 78.0 Total OPEC (27,654)40%
5. World Production of Petroleum 40% Table 2.2 Major OilProducing Countries and their current production rates, proved reserves, and number of wells. The total world production in 2003 was 68,561x103 bbl/day. OPEC: Organization of Petroleum Exporting Countries
5. World production of petroleum According to a recent estimation: World oil production will peak between 2010-2020 in the range of 27 to 36 billion barrel per year World wide Q: 3.3x103 billion barrel
5. World Production of Petroleum According to a recent estimation: World oil production will peak between 2010 – 2020 in the range of 27 to 36 billion barrel per year. World wide Q∞ : 3.3x103 billion barrel
6. The cost of gasoline in the us Gasoline in the US is relatively inexpensive, comparable in price to bottled water. In constant 2005 dollars: $3.00 per gallon for 2005, $ 2.80 for 1980,and$2.10for1947 High Production in the world Low tax of gasoline in the U.s The term Constant dollars refers to a metric for valuing the price of something over time, without that metric changing due to inflation or deflation. The term specifically refers to dollars whose present value is linked to a given year Constant dollars are used to compare the real value"of an income or price to put the "nominal value"in perspective
6. The Cost of Gasoline in the US The term Constant dollars refers to a metric for valuing the price of something over time, without that metric changing due to inflation or deflation. The term specifically refers to dollars whose present value is linked to a given year. Constant dollars are used to compare the "real value" of an income or price to put the "nominal value" in perspective. • Gasoline in the US is relatively inexpensive, comparable in price to bottled water. • In constant 2005 dollars: $ 3.00 per gallon for 2005, $ 2.80 for 1980, and $ 2.10 for 1947 High Production in the world & Low tax of gasoline in the U.S
For example, who was making more money, your father who made $5,000 at his first job in 1957, or you when you started at $18,000 in 1986? The inflation calculator at the bureau of labor statistics shows that S5,000 in 1957 has a value of $19, 501. 78 in 1986 dollars or that $18, 000 in 1986 has a value of $4, 614.96 in 1957 dollars so dad was making more money, even though $18,000 looks larger than $5,000 Any year can be used as a baseline for comparing two years as long as it is consistent for example both salaries could be converted into 1970 dollars Then the $18,000 becomes $6, 372.26 in 1970 dollars and the $5, 000 becomes $6, 903. 91 in 1970 dollars the relative position stays the same no matter what year is used as a baseline
For example, who was making more money, your father who made $5,000 at his first job in 1957, or you when you started at $18,000 in 1986? The inflation calculator at the Bureau of Labor Statistics shows that $5,000 in 1957 has a value of $19,501.78 in 1986 dollars or that $18,000 in 1986 has a value of $4,614.96 in 1957 dollars. So dad was making more money, even though $18,000 looks larger than $5,000. Any year can be used as a baseline for comparing two years as long as it is consistent. For example, both salaries could be converted into 1970 dollars. Then the $18,000 becomes $6,372.26 in 1970 dollars, and the $5,000 becomes $6,903.91 in 1970 dollars. The relative position stays the same no matter what year is used as a baseline