378 18.Economic and Environmental Considerations Middle East 65.4% 687 FIGURE 18.3.Proved oil reserves at the end of 39 2002 for various geographical regions.The 99 97 77 50 reserves for the individual blocks(rounded) are given in 109 barrels.(They are printed Asia Pacific in white numbers.)The total proved world South and North 3.69% oil reserves at the end of 2002 is estimated Central Europe Africa America to be 1,047.5 x 109 bbl.Source:BP statisti- America Eurasia 7.39% 4.76% cal review of world energy,2003. 9.41% 9.31% this,Table 18.2 also lists the production and consumption data for crude oil and coal.It needs to be emphasized that only 2% of the consumed oil goes into the manufacturing of plastics,and 1%is used for pharmaceutical products.The remainder is burned as fuel.Figure 18.3 displays the known petroleum resources for various geographic regions. Table 18.4 lists the average daily oil production for the year 2002 for major oil-producing countries.It can be inferred from this table that the USA exploits its resources to a much larger de- gree in proportion to her known reserves,compared to most other countries (see Figure 18.3 and Table 18.4).Figure 18.4 depicts the world oil consumption from 1980 to 2002.The prices for plas- tics depend largely on the price of oil which fluctuates consid- erably over the years (mostly for political reasons).Figure 18.5 depicts crude oil prices from 1981 through 2003. To complete the overall picture,Table 18.5 provides the pro- duction figures and reserves for coal. It is alarming to note from Table 18.2 how fast some of our presently known reserves would deplete if the current consump- tion remains at the same level and if no new sources are discov- ered.This may be particularly true for oil,as shown in Figure 18.6. However,exploration efforts for the past 50 years have consistently yielded additional crude oil reserves that even exceed consump- tion at present,as depicted in Figure 18.7.Reserves are defined as deposits that can be profitably exploited using current tech- nologies at current prices.In other words,the reserves are directly affected by the market price.Moreover,deposits that are not ex- ploited within 20 years are considered to have little significant fi-this, Table 18.2 also lists the production and consumption data for crude oil and coal. It needs to be emphasized that only 2% of the consumed oil goes into the manufacturing of plastics, and 1% is used for pharmaceutical products. The remainder is burned as fuel. Figure 18.3 displays the known petroleum resources for various geographic regions. Table 18.4 lists the average daily oil production for the year 2002 for major oil-producing countries. It can be inferred from this table that the USA exploits its resources to a much larger de￾gree in proportion to her known reserves, compared to most other countries (see Figure 18.3 and Table 18.4). Figure 18.4 depicts the world oil consumption from 1980 to 2002. The prices for plas￾tics depend largely on the price of oil which fluctuates consid￾erably over the years (mostly for political reasons). Figure 18.5 depicts crude oil prices from 1981 through 2003. To complete the overall picture, Table 18.5 provides the pro￾duction figures and reserves for coal. It is alarming to note from Table 18.2 how fast some of our presently known reserves would deplete if the current consump￾tion remains at the same level and if no new sources are discov￾ered. This may be particularly true for oil, as shown in Figure 18.6. However, exploration efforts for the past 50 years have consistently yielded additional crude oil reserves that even exceed consump￾tion at present, as depicted in Figure 18.7. Reserves are defined as deposits that can be profitably exploited using current tech￾nologies at current prices. In other words, the reserves are directly affected by the market price. Moreover, deposits that are not ex￾ploited within 20 years are considered to have little significant fi- 378 18 • Economic and Environmental Considerations Middle East 65.4% Asia Pacific 3.69% Europe & Eurasia 9.31% South and Central America 9.41% Africa 7.39% North America 4.76% 687 99 97 77 50 39 FIGURE 18.3. Proved oil reserves at the end of 2002 for various geographical regions. The reserves for the individual blocks (rounded) are given in 109 barrels. (They are printed in white numbers.) The total proved world oil reserves at the end of 2002 is estimated to be 1,047.5 109 bbl. Source: BP statisti￾cal review of world energy, 2003