ASSIGNMENT #6. Politics of Oil. Due Nov. 13.
1. In amount of petroleum reserves, the top three countries are Saudi Arabia, Canada and
2. In amount of petroleum production, the top three counties are Saudi Arabia, Russia and
the United States (14).
3. What is the difference between reserves and production?
Petroleum reserves are the amount of petroleum that are available for commercial use
(10) while production refers to the quantity of crude oil actually extracted from these
4. In amount of petroleum export, the top three countries are Saudi Arabia, Russia and
5. In 2006, the United States used the most petroleum of any country in the world (14).
6. The following countries belong to OPEC, the Organization of Petroleum Exporting
Countries: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi
Arabia, United Arab Emirates and Venezuela (12).
7. In amount of natural gas reserves, the top three countries are Russia, Iran and Qatar
8. In terms of coal reserves, the top three countries are the United States, Russia and
Tar sands are naturally occurring mixtures of sand or clay, water and bitumen - a type
of dense, viscous petroleum (11).
10. North American has a large amount of tar sand, especially in Canada and the US state
of Utah (11).
11. Extraction and production of tar sand is difficult.
The sands must be extracted by
strip mining or made into wells by injection methods.
The processes can use more water
and energy than conventional oil extraction.
The bitumen extracted from oil sands is also
very difficult to transport and expensive to process into gasoline, diesel fuel and other
12. The 1973 oil crisis began when members of the Organization of Arab Petroleum
Exporting Countries declared an oil embargo against the United States in response the US
supplying of the Israeli military during the Yom Kippur war.
It lasted from October 1973
to March 1974.
Independently, OPEC raised the posted price of oil by 70% while
OAPEC cut production 5% with plans to continue to cut in 5% increments. (1).