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The History of Oil Crises Quiz
by Staff
Oil prices affect everything from global economics and stock markets to your wallet. Take our quiz to see how much you know about some of the biggest oil crises in the history of energy.

What year did people first manage to find commercial success by pulling crude oil out of the ground?

  • 1789
  • 1859
  • 1919

When did the U.S. experience its first oil shock?

  • 1860s
  • 1930s
  • 1970s

A cholera epidemic in this country led to an oil price spike at the end of the 19th century.

  • Russia
  • Iraq
  • Canada

How many car registrations were there per 1,000 residents in the U.S. back in 1900?

  • one
  • 10
  • 87

True or false: The U.S. is and always has been the world's largest producer of petroleum.

  • true
  • false

A global boycott of this country led to oil rationing and price hikes in 1951.

  • Venezuela
  • Iran
  • Kuwait

A battle over this body of water created severe oil shortages in the 1950s.

  • Panama Canal
  • Suez Canal
  • Strait of Gibraltar

How much did world oil output decline in the mid-1950s as countries battled over the Suez Canal?

  • 1 percent
  • 5 percent
  • 10 percent

What year was OPEC founded?

  • 1950
  • 1960
  • 1970

How many founding members did OPEC have?

  • five
  • eight
  • 12

What year did the Yom Kippur War take place?

  • 1963
  • 1973
  • 1983

What two countries were subject to an OPEC oil embargo following the Yom Kippur War?

  • Canada and U.S.
  • China and Soviet Union
  • U.S. and Netherlands

How much did the price of oil increase in the first three months of the 1973 embargo?

  • 200 percent
  • 300 percent
  • 400 percent

When did OPEC finally lift the embargo on the U.S.?

  • 1974
  • 1976
  • 1978

True or false: The establishment of a national speed limit in the U.S. was a direct result of the 1973-1974 oil embargo.

  • true
  • false

Which country slashed its oil production by 75 percent in the mid-1980s to try to combat declining oil prices?

  • Iraq
  • Saudi Arabia
  • Soviet Union

What country invaded Kuwait in 1990, which led to the Gulf War?

  • Iraq
  • Iran
  • Lebanon

What percentage of world oil production came from Iraq and Kuwait when the Gulf War began?

  • 3 percent
  • 6 percent
  • 9 percent

What country ramped up oil production to make up for shortages in Kuwaiti and Iraqi production during the Gulf War?

  • Saudi Arabia
  • U.S.
  • Canada

How many people are there for every one passenger car in China?

  • 10
  • 30
  • 50

How much of the oil used in the U.S. is imported?

  • 10 percent
  • 30 percent
  • 60 percent

What led to record-high oil prices in 2007 and 2008?

  • demand from China
  • excess supply because of fracking
  • demand from South America

True or false: Despite ever-increasing demand, China remains a net exporter of oil thanks to vast supplies.

  • true
  • false

How much oil was China importing daily by 2007, when global oil prices shot through the roof?

  • 1 million barrels per day
  • 2 million barrels per day
  • more than 3 million barrels per day

What shockingly high price per barrel did oil reach in July 2008?

  • $75
  • $100
  • $147

How did U.S. drivers respond to the record gas prices in 2008?

  • They drove more.
  • They drove less.
  • Their driving habits stayed the same.

How much of OPEC's oil output comes from Saudi Arabia?

  • 20 percent
  • 33 percent
  • 50 percent

What percentage of U.S. oil came from fracking in 2015?

  • 5 percent
  • 25 percent
  • 49 percent

What percentage of global oil exports come from OPEC members?

  • 25 percent
  • 55 percent
  • 75 percent

When do experts suggest the world will experience peak oil production?

  • 2050
  • 2150
  • 2250