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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. In 1965, who won two-thirds of the exploration leases on the Prudhoe Bay structure?

2. Which country wanted OPEC to restore quotas at a lower level?

3. Who partnered to form the Zapata company?

4. The summer of 1990 was marked by euphoria over the end of what?

5. In 1960 Jersey cut prices by what percent, with competitors following suit, with little enthusiasm but considerable alarm?

Short Essay Questions

1. What was at the heart of the Arab oil embargo? How did other countries feel about the issues?

2. What is the Suez Canal? Why was it important for the oil industry?

3. Who was Ayatollah Ruhollah Khomeini? What impact did he have on the oil industry?

4. What effects did the Second Oil Shock have on the oil industry?

5. Why is 1974 to 1978 known as OPEC's Golden Age?

6. How did Venezuela respond to events in the Middle East?

7. What was the "Arab oil embargo"? How did it affect the U.S.?

8. OPEC was founded with which goals in mind?

9. What events and situations led to tensions between the U.S. and Britain?

10. What weakened OPEC's position in the oil industry? Give at least one specific example.

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

How did the oil industry begin? Why wasn't oil harvested in greater amounts before this time? What role did oil companies play in the early days of the oil industry?

Essay Topic 2

Choose one world and/or oil company leader from the twentieth century. For example, you might use Nassar, Sadat, Hussein, and so on. Discuss the person's impact on the oil industry. What decisions or actions did the person make that affected the oil industry? Where the effects positive or negative for the industry? Why do you think this person had an impact on the oil industry? Use specific examples in your discussion.

Essay Topic 3

How did oil influence events during World War II in the Pacific? What were some of Japan's goals and strategies as far as oil was concerned? What was the outcome of the conflict in the Pacific?

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