8 In Sham We Trust Flashcards
Before the 1800s, oil was primarily used for:
A. Cooking
B. Heating
C. Kerosene production
D. It wasn’t widely used.
D. It wasn’t widely used.
What made gasoline valuable for the first time?
A. Development of steam engines
B. Internal combustion engines
C. Oil embargoes
D. Refining processes for plastics
B. Internal combustion engines
Which country saw the first internal combustion cars developed?
A. United States
B. Germany
C. England
D. France
B. Germany
Who founded British Petroleum?
A. William Knox D’Arcy
B. John D. Rockefeller
C. Karl Benz
D. Henry Ford
A. William Knox D’Arcy
What innovation did Henry Ford introduce to car manufacturing?
A. The internal combustion engine
B. The assembly line
C. Synthetic rubber tires
D. Gasoline engines
B. The assembly line
By the 1890s, Standard Oil controlled what percentage of global refining capacity?
A. 50%
B. 70%
C. 90%
D. 80%
C. 90%
The 1953 coup in Iran was orchestrated by:
A. Iran and Russia
B. The United States and United Kingdom
C. France and Germany
D. Saudi Arabia and Egypt
B. The United States and United Kingdom
Increased demand for oil in Canada led to exploration primarily in:
A. Ontario
B. Alberta
C. Quebec
D. British Columbia
B. Alberta
What is OPEC’s primary function?
A. Reduce oil extraction globally
B. Stabilize global oil prices and policies
C. Impose sanctions on non-member countries
D. Promote renewable energy
B. Stabilize global oil prices and policies
The 1973 OPEC oil embargo was a response to:
A. Cold War tensions
B. The Yom Kippur War
C. The Six-Day War
D. NATO sanctions
B. The Yom Kippur War
Which product is a byproduct of petroleum refining?
A. Bitumen
B. Biofuel
C. Hydrogen
D. Ethanol
A. Bitumen
Which type of oil is considered the highest quality for refining?
A. Heavy oil
B. Sour oil
C. Sweet, light oil
D. Blended oil
C. Sweet, light oil
Alberta’s main oil benchmark is:
A. Brent
B. WTI
C. Western Canada Select (WCS)
D. Arabian Light
C. Western Canada Select (WCS)
The benchmark price used for U.S.-produced oil is:
A. Brent
B. WCS
C. Dubai Crude
D. West Texas Intermediate (WTI)
D. West Texas Intermediate (WTI)
The process of blending bitumen with diluents for transportation creates:
A. Sweet oil
B. Sour oil
C. Dilbit
D. Crude oil
C. Dilbit
The Model T was significant because:
A. It used renewable fuels
B. It revolutionized car affordability
C. It was the first electric car
D. It ran on steam engines
B. It revolutionized car affordability
Why is Brent oil usually more expensive than WTI?
A. Higher quality
B. Lower sulfur content
C. Easier transportation access
D. All of the above
D. All of the above
What was the primary cause of the 1986 oil price crash?
A. OPEC’s quota adjustments
B. Overproduction and reduced demand
C. Iranian Revolution
D. North Sea oil discoveries
B. Overproduction and reduced demand
Why is petroleum referred to as a “non-renewable” resource?
A. It takes millions of years to form
B. Its extraction is technologically limited
C. It can be synthetically produced
D. It cannot be refined further
A. It takes millions of years to form
What energy alternative does not rely on petroleum?
A. Natural gas
B. Coal
C. Biofuels
D. Nuclear power
D. Nuclear power
What event in the 1970s highlighted OPEC’s influence on global markets?
A. Iranian Revolution
B. Yom Kippur War
C. Oil embargo
D. Gulf War
C. Oil embargo
What environmental impact is associated with petroleum use?
A. Groundwater contamination
B. Increased greenhouse gases
C. Pipeline spills
D. All of the above
D. All of the above
What is the main advantage of light oil over heavy oil?
A. Higher energy density
B. Easier and cheaper refining
C. More stable prices
D. Greater global availability
B. Easier and cheaper refining
Which country has the largest proven oil reserves?
A. Saudi Arabia
B. Canada
C. Venezuela
D. Russia
C. Venezuela
What triggered Iran’s nationalization movement in the oil industry?
A. Western sanctions
B. Low royalties paid by foreign companies
C. The discovery of new oil fields
D. A shift in global energy policies
B. Low royalties paid by foreign companies
Which of the following is a direct investment method in petroleum markets?
A. Mutual funds
B. ETFs
C. Oil futures
D. Index funds
C. Oil futures
How do oil spills mainly harm the environment?
A. Polluting oceans and coastlines
B. Depleting oil reserves
C. Contaminating soil fertility
D. Lowering energy prices
A. Polluting oceans and coastlines
The phrase “You only pump oil once” highlights:
A. The importance of renewable energy
B. The finite nature of oil resources
C. The efficiency of oil extraction
D. The global demand for oil
B. The finite nature of oil resources
How does OPEC manage global oil supply?
A. Imposing tariffs
B. Controlling member quotas
C. Buying out non-member companies
D. Subsidizing alternative energy
B. Controlling member quotas
What role does spare capacity play in the oil market?
A. Balances global supply-demand fluctuations
B. Reduces refining costs
C. Lowers environmental risks
D. Stabilizes geopolitical tensions
A. Balances global supply-demand fluctuations
