Quiz: The Price of Oil Quiz
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The Price of Oil Quiz
By: Staff
Image: refer to hsw

About This Quiz

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.

1.0 of 30
How high did the average price for a barrel of oil get during the oil shock of 2008?
2.0 of 30
True or false: Oil prices plummeted 70 percent from mid-2014 to the start of 2016.
3.0 of 30
Which of the following was NOT a factor behind the plummeting price of oil from 2014 to 2016?
4.0 of 30
When did man first set up a well to drill oil from the earth?
5.0 of 30
How much did a gallon of oil cost in the mid-19th century as the first wells were being drilled?
6.0 of 30
True or false: Oil production quadrupled from 1860 to 1861.
7.0 of 30
What year did oil prices skyrocket thanks to an Organization of the Petroleum Exporting Countries (OPEC) embargo?
8.0 of 30
What happened to oil prices during the Iranian Revolution of 1979?
9.0 of 30
True or false: Oil prices in the U.S. actually went down during the Gulf War.
10.0 of 30
True or false: The events of 9/11 caused an immediate dramatic escalation in oil prices.
11.0 of 30
After oil prices hit an all-time high in mid-2008, what happened to prices by the end of the year?
12.0 of 30
What happened to oil prices from 1920 to 1926 as car ownership increased?
13.0 of 30
True or false: Oil prices picked up starting in 1926 and through the start of the Great Depression.
14.0 of 30
Which organization had primary control of global oil prices from the end of World War II through the 1970s?
15.0 of 30
What year did OPEC form?
16.0 of 30
Which of the following countries was NOT one of OPEC's founding members?
17.0 of 30
What was the average price per barrel of oil in the U.S. from 1869 to 2011?
18.0 of 30
How much of the oil imported into the U.S. comes from Libya?
19.0 of 30
What happened to oil prices in the two years following World War II?
20.0 of 30
A battle over this body of water in the 1950s sent oil prices upward.
21.0 of 30
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.
22.0 of 30
What is the minimum price of oil where shale producers can break even?
23.0 of 30
What was the average price of gas per gallon in mid-2008 in the U.S.?
24.0 of 30
True or false: U.S. drivers will drastically change their driving habits based on small changes in gas prices.
25.0 of 30
How much did the average American household spend on gas in 2015?
26.0 of 30
Which country has the highest gas prices per gallon?
27.0 of 30
True or false: Oil prices quadrupled between 2002 and 2012.
28.0 of 30
What is the name of the major shale formation in North Dakota that has been a hotbed for fracking?
29.0 of 30
True or false: The fastest growth in oil production in history took place from 2013 to 2014.
30.0 of 30
What is ultimately responsible for oil and gas prices?
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