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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 1986, how many oil ministers met in Saudi Arabia and agreed on $18 per barrel plus a new quota system?

2. Who joined forces with Italian oil man Enrico Mattei?

3. The economist E. F. Schumacher called for what?

4. What weakened OPEC's position?

5. The exporters' combined earnings was how much in 1977?

Short Essay Questions

1. What factors weakened OPEC's position in the mid-1980s?

2. Venezuela's Alirio Parra helped stabilize OPEC through a meeting with oil leaders. Why was the meeting held? What came out of this meeting?

3. What effects did cheap gas have in the United States in the 1950s? Why were consumers able to obtain cheap gas during this time?

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

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

6. What tensions existed between Iran and Iraq? What effect did this have on the oil market?

7. What actions did Sadat take toward Israel? What was his goal?

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

9. What message was received from Tehran on November 4, 1979? Why did the event occur?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Who do you think is/was the most influential person in the oil industry? Why? What did this person contribute to the oil industry globally? Support your answer with information from the book.

Essay Topic 2

What is OPEC? How did OPEC come into existence? What influence has this organization had on the oil industry? Give specific examples of OPEC's influence from the book.

Essay Topic 3

Choose one of the wars discussed in the book, such as the Iran-Iraq War, the Gulf War, or World War II. Discuss the role that oil played in the causes and outcomes of the war. How did oil influence the direction and outcome of the war? What impact did oil have on the war and the way that it was fought?

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