6.5 Questions

Question 1

What is natural gas used for?

Answer 1

Natural gas is used for powering factories, creating electricity (power), etc

Question 2

What 2 countries produced over 2 billion barrels of oil?

Answer 2

Venezuela and Saudi Arabia

Question 3

What 3 countries produced over 100-200 billion barrels of oil?

Answer 3

Canada, Iraq, Iran

Question 4

What are some negative affects that have come about because of oil?

Answer 4

• relying on 1 resource
• drop of oil prices
• control over oil
• competitors could sell for less

Question 5

What are the benefits oil has brought to the region?

Answer 5

• elite class
• better infrastructure
• used money to build roads, airports, schools, hospitals
• landowners and citizens became wealthier

Question 6

What does OPEC stand for?

Answer 6

The Organization of Petroleum Exporting Countries

Question 7

What is an oil-based economy?

Answer 7

• a country that relies solely on oil

- and economy that bases its electricity, factories, etc. on oil, business with oil with other countries

Question 8

How does OPEC help reduce the risks to oil-based economies?

Answer 8

OPEC allows countries to save money when oil prices or production is low

Question 9

Explain the OPEC Embargo in the 1970s

Answer 9

• oil prices SKYROCKETED

- OPEC countries got $ and improved infrastructire

Question 10

What environmental reason would cause oil-based economies to seek alternatives to fossil fuels?

Answer 10

Greenhouse Gases and Global Warming

Question 11

List the countries that are considered new oil producers.

Answer 11

Venezuela, Mexico, Canada