We use calculus methods to estimate the quantity of U.S. oil reserves. We consider a model that consists of an exponential function with four unknown constants. We fit real oil production data to determine the unknown constants. With the constants determined we use the function to find the year in which the U.S. oil production reached its peak. We also estimate the amount of petroleum produced until the end of 2006, and the undiscovered oil reserves to be produced in the future.
"U.S. Oil Reserves and Peak Oil,"
Undergraduate Journal of Mathematical Modeling: One + Two:
2, Article 1.
DOI: http://dx.doi.org/10.5038/2326-3622.214.171.124 Available at: https://scholarcommons.usf.edu/ujmm/vol4/iss2/1
Arcadii Grinshpan, Mathematics and Statistics
Scott Campbell, Chemical & Biomedical Engineering
Problem Suggested By: