US Oil Production Over time
The US is rapidly running out of production capacity.
Therefore, if you know the total amount of the reserve, R, you can then know what fraction of R was used up during the 1946-1955 period. Only one unique bell curve can simultaneously give you a total area of R and the correct fractional amount of R used up during this 10 year period.
The Same is true for combined North American Production.
What about the whole World?
Capacity in US Oil Reserve:
Known US Reserves as of 1990: = 36 billion barrels of oil
Consumption Rate 3 billion barrels of oil per year
36/3 12 more years left
By 1995 the Reserve Estimate had dwindled to 22.5 billion
barrels of oil and the cosumption rate remains the same
22.5/3 = 7.5 years left so we are still on the trajectory
Which all means that our reliance on Foreign Oil
increases with time.
Oil Imports 1973-1997
As exponential population increases and the LDC seeks the
same per capita energy structure as the MCD
demand should escalate
The Year of Peak Oil Production Continues to be
a Lively Scholary Debate
But Concensus is Emerging
The Peak will likely occur around 2005 +/- 1 year
Then decline to 10% of that peak within 50 years.
(but it could easily be more rapid).
The Price of Oil
But it continues to be "cheap"