Test 1 Review Questions

21. The oil fields in Saudia Arabia are operated by:a. ExxonMobileb. Royal Dutch Shellc. Chevrond. Saudi Aramcoe. Standard Oil22. Which of the following statements is FALSE?a. Saudi Arabia posseses 50% of the world’s oil reserves.b. World consumption of oil is about 84 million barrels per dayc. Saudi Arabia currently produces 10.5 million barrels of oil a day.d. Saudi Arabia is thought to have 265 billion barrels of oil reservese. The Alaska National Wildlife Refuge is believed to contain about 10billion barrels of oil.23. Which of the following statements is TRUE?a. The United States has the second largest oil reserves (about 133billion barrels).b. Saudi Arabia’s oil reserves are well-documented (U.N. scientists haveaudited Saudi confidential data every decade since the end of WorldWar II).c. "Peaking" is a term used in oil geology to define the critical point atwhich reservoirs can no longer produce increasing amounts of oil (thistends to happen when reservoirs are about ¾ -empty.)d. "Peak oil" is the point at which maximum production is reached;afterward, no matter how many wells are drilled in a country,production begins to decline.e. According to the Department of Energy, previous energy transitions(wood to coal and coal to oil) were gradual and evolutionary; oilpeaking will be much the same.24. True or False? The Google service draws money from any of severalsources buyers have chosen -- credit or debit card, checking account, orPayPal account, where they can keep funds from auction sales.Page 10 of 26