Exam 1 Study questions Flashcards
(50 cards)
What are the 3 forms of fossil fuels?
Coal, natural gas, and petroleum.
In 1973, crude oil prices quadruple in just four months (from $2.90 to $11.65 per barrel). This question comes from the very short video titled “Fast Historical Picture Review in about 2 minutes” during week 1.
TRUE
The first oil price shock was in ____, with the Arab oil embargo which caused an ______ in oil prices and shattered the consuming countries’ complacency about supply security and prices.
1973, rise
Oil prices reached how many $ per barrel as the highest ever, in 2008? Do not include $ in your answer. This question comes from the very short video titled “Fast Historical Picture Review in about 2 minutes” during week 1.
150
What was the reason behind the energy consumption growth in the commercial sector in the 1950’s? This question comes from the lecture on Energy Economics.
Introduction of air conditioning
What is one of the most used indicator of industrial activity in the upstream (which also impacts the oilfield and equipment sector) part of the oil and gas industry?
rig count
What are the two leading global benchmark crude oils, including the location of the crude oil.
West Texas Intermediate at Cushing, OK and Brent in theNorth Sea (UK)
What is the name of the hydrocarbon that is C3H8?
Propane
In OECD countries, consumption has recovered to a level equal to that prior to the recession in 2008.(From Ch. 3 Energy Economics and updated class lecture)
FALSE
Energy Dense fuels are not ideal for transportation fuel because they are too heavy to be carried in a standard vehicle.
FALSE
Gasoline surpasses kerosene as leader of American Petroleum Industry in this year. This question comes from the very short video titled “Fast Historical Picture Review in about 2 minutes” during week 1.
1919
Growth in world oil consumption is expected to be concentrated in OECD countries.
FALSE
What are the 3 sectors of the Oil and Natural Gas industry? In other words, what are the sectors of the energy value chain.
Upstream, midstream, and downstream
Which of the following is a light sweet crude oil?
API of 30 and 0.5% sulfur
What is the major component of natural gas?
Methane
_________is a term often used to describe the processing, storage and transportation sectors within the oil and gas industry. Itdefines the industry processes that occur between the upstream and downstream sectors.
Midstream
Consumption amongst non-OECD countries can be described how over the recent 15 years? (From Ch. 3 Energy Economics)
almost linear trend upward
In what year is OPEC formed?
1960
What year was the OPEC oil embargo against the US?
1973
Over time, electricity has been responsible for most of the energy consumption growth in the commercial sector due to the use of what? Hint: From Chapter 3 Energy Economics lecture.
air conditioning
What year did Colonel Edwin L. Drake drill the first productive oil well in the U.S. (also considered the first in the world). This question comes from the very short video titled “Fast Historical Picture Review in about 2 minutes” during week 1.
1859
What year did J.D. Rockefeller form Standard Oil? This question comes from the very short video titled “Fast Historical Picture Review in about 2 minutes” during week 1.
1877
What year was the world’s first true gusher oil well. This was in Texas and is know as Spindletop. This question comes from the very short video titled “Fast Historical Picture Review in about 2 minutes” during week 1.
1901
In 1986, oil prices crashed to this level. Enter in the number of dollars. do not show cents. This question comes from the very short video titled “Fast Historical Picture Review in about 2 minutes” during week 1.
10
