The Oil Supply and Demand Situation. An ATSNN Outlook:
April 1, 2004
80 million barrels a day (b/d). That?s how much oil the world consumes to meet its energy needs. The United States alone uses 20 million b/d. To put this in perspective, if Bill Gates spent $80 million a day he would be bankrupt in just over a year. Of course the world has more oil than Bill Gates has money, but one advantage that Bill Gates has is that he can earn more. Oil is a finite resource than cannot be replenished. Once we run out we must find other means to move our cars, trains, and airplanes. How much oil do we have, and how long will production keep up with the growing demand? What other energy sources can we use when oil is too expensive or not easily obtained?
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