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Friday, August 31, 2007

8,900 million....wait a second...

Economists and cosmologists are often accused of regularly using numbers that human brains have a hard time wrapping themselves around.

What exactly does 12 trillion dollars look like? Well, it looks like the United States (at least the flow of goods and services) and it's difficult to comprehend in a single sitting all of that.

I am now ready to throw geologists into the same bucket as us economists and the cosmologists. The numbers they toss around can be equally big...

For instance, U.S. Geological Service report that suggests there might be upward to 8,900 million = 8,900,000,000 barrels of untapped crude under the East Greenland Rift Basins Province:

Let's see - that's 8.9 billion barrels and world consumption (at this point) is
approximately 30,819,870,000 barrels per year (30.82 billion)!!

While the discovery in Greenland is interesting and would satisfy the current crude-oil usage of 3,600 barrels per day in Greenland for approximately 6,773 years, it would only represent about 28% of one year's worth of global demand. I think I did the math correctly, although the numbers are too big for me to be 100% confident.

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