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ThePetroleumArmageddon163 ThePetroleumArmageddon JonathanGiuffrida PalmerMebane DanielLackek MaggieWalkerGovernor'sSchool Richmond,VA Advisor:JohnBarnes Summary Wedescribethedepletionofpetroleum,avitalnonrenewableresource,over thenextfewdecades.Petroleumisafossilfuelthatfuelsourindustries,heats ourbuildings,andpowersourautomobiles;plasticsandfertilizersarealso derivedfromoil.Theproductionofnonrenewableresourcesthatcannotbe returnedtotheenvironmentisgenerallyconsideredtofollowabell-shaped curve;asinterestanddemandincrease,therateofproductionlikewisein- creasesuntiltheworldisproducingatcapacity,whencetheratedecreasesas theresourceisslowlyexhausted. Ourmodelassumesthatproductionandconsumptionareequivalent;this doesnotaccountforstockpilesofoilorthedelaycausedbyshippingand distribution.Wealsoassumethattotaldiscoveriesofnewreservesandtotal productionfollowlogisticcurves;thisisheavilysupportedbyprofessional opinionandbyourdata. Ourappr6achincludesfourmajorfunctionsoftime:totalproduction,total knownoil,totalremainingoil,andtotaldemand."Total"meanscumulative; thederivativesofthesefunctionsaretheproduction,discovery,anddemand ofoilatanytime(exceptfortotalremainingoil).Theequationsincltidepa- rametersforproduction,discovery,anddemand,whichallowourfunctions tofollowhistoricaldata.Thefunctionfordemandisbasedheavilyontotal production,inaccordancewiththelawofsupplyanddemand,whichinturn dependsontotalknownoil(asacarryingcapacity)andondemand., Byvaryingtheparameters,themodelisflexibleenoughtoprovidefortech- nologicaladvance,economiclimit/incentive,naturalormanmadedisaster,and increaseord6creaseindemand.Themodelalsoincludesamanagementpol- icyforfutureproduction,involvinggovernmentlimitsonproductiontoenable TheUMAPJournal26(2)(2005)163-174.@Copyright2005byCOMAP,Inc.Allrightsreserved. Permissiontomakedigitalorhardcopiesofpartorallofthisworkforpersonalorclassroomuse isgrantedwithoutfeeprovidedthatcopiesarenotmadeordistributedforprofitorcommercial advantageandthatcopiesbearthisnotic