General
1973 Oil Crisis
1979 Oil Crisis
People
Historic Role of Oil
100
What is oil?
The pressurized remains of ancient biological material
100
What is OPEC?
International cartel formed by major oil producers, stands for Oil Producing Exporting Countries
100
At the time of the Iranian Revolution, Iran was the _________ largest oil producer.
second
100
Who was George Biswell?
First to think oil could be drilled, like salt
100
What was the mixture of lime and oil used by the Byzantines called?
Greek Fire
200
How is crude oil refined?
Cracking
200
On what important holiday did Egypt and Syria attack Israel?
Yom Kippur
200
Which country raised their production as Iran's oil output ceased?
Saudi Arabia
200
Who was John D. Rockfeller?
Super rich dude who founded Standard Oil
200
Why did oil have a strong influence on geopolitics?
Strategically important-could be used as "bargaining chip"
300
What are petrochemicals used to create?
Fertilizers, plastics, synthetic fibers
300
Due to the OPEC embargo against the US, gas prices rose __%.
40%
300
How did President Carter attempt to deal with oil shortages?
-Made special task force -Announced program t produce synthetic fuels
300
What did M. King Hubbert predict?
Oil production would irreversibly decline (peak oil theory)
300
What event in the early 20th Century led to a huge increase in oil demand?
Mass automobile production
400
Where was the first oil drilled?
Titusvilles, Pennsylvania
400
What organization was formed to address the vulnerability of countries who were dependent on other nations for oil?
International Energy Agency
400
How was the cause of the 1979 Crisis different from 1973?
'73- deliberate embargo '79- not deliberate, result of a civil war
400
What did Daniel Yergin write?
The Prize
400
What is the theory of Peak Oil?
Rate of oil recovery will reach maximum, then irreversibly decline over time.
500
Most oil booms eventually _______.
bust
500
Where is the Strategic Petroleum Reserve?
Near the Gulf of Mexico
500
What did the IEA do in the 1979 oil crisis?
nothing theyre useless
500
What did Nixon and Henry Kissiger decide to do to deal with the 1973 Arab-Israeli War? (the WAR, not the oil crisis)
Provide Israel with stuff
500
What event changed US oil policy FOREVER, forcing it to reconsider its approach to energy and its sources?
1973 Oil Crisis
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