In 1920, it was reported that there were 60 billion barrels of oil in the world oil reserves and we were using 6 billion barrels per year. Given this data, the world should have run out of oil in ten years. However, more recent data suggests that there are currently 1.7 trillion barrels of oil in the world oil reserves and that we are using 34 billion barrels of oil every year. Given that petroleum reserves are a non-renewable resource, how do explain the fact that the world has not run out of oil when it was supposed to over 80 years ago
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