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The Price of Oil Quiz
by Staff
Thanks to modern man's dependence on oil, even a small change in price can have a significant impact on everything from transportation to manufacturing to peace and stability. Test your knowledge of oil prices past and present with our quiz.

How high did the average price for a barrel of oil get during the oil shock of 2008?

  • $100
  • $140
  • $180

True or false: Oil prices plummeted 70 percent from mid-2014 to the start of 2016.

  • true
  • false

Which of the following was NOT a factor behind the plummeting price of oil from 2014 to 2016?

  • decreased demand from China
  • Saudi Arabia cutting production rates
  • increase in U.S. production

When did man first set up a well to drill oil from the earth?

  • 1859
  • 1879
  • 1899

How much did a gallon of oil cost in the mid-19th century as the first wells were being drilled?

  • 2 cents
  • 20 cents
  • 2 dollars

True or false: Oil production quadrupled from 1860 to 1861.

  • true
  • false

What year did oil prices skyrocket thanks to an Organization of the Petroleum Exporting Countries (OPEC) embargo?

  • 1953
  • 1963
  • 1973

What happened to oil prices during the Iranian Revolution of 1979?

  • they increased
  • they decreased
  • they stayed the same

True or false: Oil prices in the U.S. actually went down during the Gulf War.

  • true
  • false

True or false: The events of 9/11 caused an immediate dramatic escalation in oil prices.

  • true
  • false

After oil prices hit an all-time high in mid-2008, what happened to prices by the end of the year?

  • They rose even further.
  • They fell.
  • They stayed about the same.

What happened to oil prices from 1920 to 1926 as car ownership increased?

  • They increased.
  • They decreased.
  • They stayed about the same.

True or false: Oil prices picked up starting in 1926 and through the start of the Great Depression.

  • true
  • false

Which organization had primary control of global oil prices from the end of World War II through the 1970s?

  • OPEC
  • Texas Railroad Commission
  • American Petroleum Institute

What year did OPEC form?

  • 1950
  • 1960
  • 1970

Which of the following countries was NOT one of OPEC's founding members?

  • Libya
  • Iran
  • Saudi Arabia

What was the average price per barrel of oil in the U.S. from 1869 to 2011?

  • $23.67
  • $43.67
  • $63.67

How much of the oil imported into the U.S. comes from Libya?

  • 1 percent
  • 5 percent
  • 15 percent

What happened to oil prices in the two years following World War II?

  • They increased.
  • They decreased.
  • They stayed the same.

A battle over this body of water in the 1950s sent oil prices upward.

  • Panama Canal
  • Suez Canal
  • Strait of Gibraltar

True or false: Every dollar decline in the price of a barrel of oil results in a $3 billion decrease in Russia's annual export earnings.

  • true
  • false

What is the minimum price of oil where shale producers can break even?

  • $30
  • $60
  • $90

What was the average price of gas per gallon in mid-2008 in the U.S.?

  • $1.70
  • $2.70
  • $3.70

True or false: U.S. drivers will drastically change their driving habits based on small changes in gas prices.

  • true
  • false

How much did the average American household spend on gas in 2015?

  • $1,817
  • $2,817
  • $4,817

Which country has the highest gas prices per gallon?

  • United States
  • Norway
  • Australia

True or false: Oil prices quadrupled between 2002 and 2012.

  • true
  • false

What is the name of the major shale formation in North Dakota that has been a hotbed for fracking?

  • Ghawar
  • Williston
  • Bakken

True or false: The fastest growth in oil production in history took place from 2013 to 2014.

  • true
  • false

What is ultimately responsible for oil and gas prices?

  • supply and demand
  • organizations like OPEC
  • government rulings