Special Assignment: OPEC


Directions: Read Time Magazine 's on-line article entitled "How OPEC Lost Control of Oil". THEN complete the form below and click on the "Hand it in!" button at the bottom. Do NOT make a copy of the article OR the form. The assignment is due one week from the date of posting. (5 points)


Name (first AND last): Section:


1. Since early last year, the average price of oil has:

increased by 10% increased by 50% decreased by 50% stayed about the same

2. Which of the following OPEC members is NOT located in the Middle East:

The U.S. Saudi Arabia Mexico Venezuela

3. Exploration of potential new oil reserves is happening around:

the Persian Gulf the Caspian Sea the Bering Strait the U.S.

4. The oil industry is using 3-D seismic visualization of potential reserves used in movies like:

"Jurassic Park" "Volcano" "Titanic" "Earthquake"

5. Many oil-producing governments are focusing less on privitization and more on:

business OPEC issues sovereignty issues oil revenues