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Energy Security U2 > Energy Players > Flashcards

Energy Players Flashcards

1
Q

Name X5 energy players

A
  • OPEC / cartels
  • public consumers
  • governments
  • TNCs
  • industry
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2
Q

When did Indonesia leave OPEC?

A

2008

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3
Q

Why did Indonesia leave OPEC?

A

because they were no longer a net-exporter of oil

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4
Q

In 2008 election which party opposed the opening up of the Arctic National Wildlife Refuge to Oil and Gas exploration?

A

Democrats

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5
Q

What did the Democrats oppose in 2008 which Republicans accused them for raising energy prices with?

A

opening up the Arctic National Wildlife Refuge to exploitation

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6
Q

What geopolitical threat in 2008 pushed up oil prices in relation to Israel?

A

Israel threatened to attack Iran

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7
Q

How many members are in OPEC?

A

12

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8
Q

Name X6 OPEC members

A

Iran, Iraq, UAE, Nigeria, Ecuador, Libya

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9
Q

Qualification to be an OPEC member;

A
  • net exporter of oil

- must agree to quota / pricing rules

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10
Q

When was OPEC formed? With what agenda?

A

1960

protect the interests of oil producing countries

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11
Q

X4 key aims of OPEC

A
  • protect member interests
  • coordinate stable prices + avoid fluctuations
  • regular supply to consumers
  • fair return for investors
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12
Q

Critics may see OPEC as monopolising the market and being a …

A

cartel

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13
Q

What fraction of the world’s oil reserves does OPEC hold?

A

2/3

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14
Q

What % of global crude oil production does OPEC control?

A

45%

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15
Q

OPEC has been accused of holding back supply in order to do what to prices?

A

raise prices

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16
Q

How many barrels a day of oil does Saudi produce more than the 2nd largest OPEC member?

A

5.5million barrels more than 2nd place

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17
Q

X3 major oil producing but non-OPEC countries

A

Canada USA Russia

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18
Q

How many of the top 5 oil companies are state owned?

A

3

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19
Q

What are government controlled oil companies essentially part of?

A

their governments arm of foreign policy

20
Q

Private companies and political influence - what is the relationship?

A

private companies relatively free from political influence

yet private companies HAVE political influence

21
Q

example of private companies having political influence in the USA

A

US elections since 1990:

oil and gas companies have invested $180million +

22
Q

what % of oil and gas company funding goes towards Republican campaigns since 1990?

A

75%

23
Q

What was an example of where a corporation lobbied the government and was successful in relation to land?

A

Exxon Mobil lobbied US govnerment for access to federal land and was successful

24
Q

What did Koch industries contribute in 2008’s presidential race?

A

$942,000

25
Q

The majority of top 20 energy companies have what type of operations? What does this demonstrate?

A

increasingly diverse range of energy activities

shows they recognise the demise of fossil fuels and their volatility

26
Q

Name a company with 100% state ownership which is the largest oil corporation globally

A

Saudi Aramco

27
Q

Out of the OPEC nations who is the top exporter by volume to the USA?

A

Nigeria

28
Q

Which OPEC nation has the USA historically not sourced oil from?

A

Iran

29
Q

What is notable about the top 6 OPEC suppliers of oil for the USA?

A

3 are African

30
Q

What does the fact that the USA’s top oil suppliers are not all from OPEC and are not concentrated in the middle east suggest?

A

they are trying to diversify regions of supplies and are not reliant on OPEC cartel

31
Q

X3 disadvantages of OPEC for consumers;

A
  • collectively OPEC may raise prices
  • may withhold information (e.g about new reserves)
  • may deliberately restrict output
32
Q

X3 disadvantages of OPEC for members;

A
  • may be forced to adopt same policy as other members
  • may be enthused by high profits, leading to overproduction
  • may have to lie about proven reserves to increase quota and earn petrodollars
33
Q

Name X3 factors that can influence how long oil and gas reserves will last

A
  • how we react to global warming
  • whether we continue with business as usual or become more efficient
  • whether technology allows us to find new reserves
34
Q

Campbell’s quote on energy and fossil fuels

A

“the glass starts full and ends up empty - the faster you drink it, the quicker its gone”

35
Q

What are estimates of global reserves largely reliant on?

A

large amount of honesty from countries

36
Q

What did Goldman Sachs declare oil companies as in the 1990s - what does this suggest about oil?

A

a ‘dying industry’

clearly it is not yet - shows new reserves and technology constantly allowing oil to go further

37
Q

Define : proven reserves

A

reserves with a high standard of evidence and only represent oil which is economically and technologically extractible now

38
Q

Why is proven reserves not a useful statistic for how long reserves will last?

A

only looks at oil technologically and economically extractable now

39
Q

What have OPEC countries been accused of doing in terms of reserves?

A

systematically over-estimating to be allowed larger quotas

40
Q

What did Carlyle suggest about OPEC reserve estimates?

A

“no one should trust OPEC reserve estimates”

41
Q

Where was a large oil field discovered in S.America? How much oil was there?

A

In Brazil 2km below seabed

150billion barrels worth

42
Q

Inevitable factors contributing to decrease in energy security;

A
  • increase in energy demand
  • increase in population
  • possibility of peak oil
  • concentration of oil production in middle east as elsewhere reaches peak oil
43
Q

Factors which can increase energy security;

A
  • discovery of new energy technology
  • switch to renewables
  • undiscovered oil / gas reserves
  • contribution of ‘unconventional’ sources
  • greater energy efficiency
44
Q

How many years of crude oil do we have left at current estimates (2016)?

A

53.3years

45
Q

How many barrels of oil does it take to produce a car?

A

20

46
Q

How many billions of cars are there globally?

A

1.2billion

Energy Security U2 (17 decks)

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