University of Denver
Oil Demand and Consumption part of Process of Science:Examples
Using US Government data from the Energy Information Administration in the Department of Energy, students create models of future oil demand and predict the time frame when cumulative oil demand exceeds oil reserves. Using a limited number of data points regarding demand, students can create mathematical and graphical models (e.g., linear, exponential, polynomial) to fit the data. Using the models, students can forecast future yearly energy demand and the cumulative energy demand over time. Knowing that the estimated oil reserves in the world is 134,000 x 106 barrels, students will predict that oil consumption meets or exceeds the reserves in 2030-2050. Moreover, if we would discover another deposit equivalent to the current Middle East reserve, oil consumption meets or exceeds these new reserves in 2060-2080.