Oil Market Trends and Events

Oil Market Trends and Events

Assessment

Interactive Video

History

9th - 12th Grade

Hard

Created by

Patricia Brown

FREE Resource

The video explores the unprecedented negative US oil prices during the COVID-19 pandemic, driven by a sharp decline in demand. It reviews historical oil crises, such as the 1973 oil embargo and the Iranian Revolution, and their impacts on prices and consumption. The video explains oil market dynamics using a connected scatter plot and discusses the influence of global events like wars and financial crises. Recent developments, including the rise of fracking, have significantly altered the oil market. The video concludes by examining current trends and potential future shifts in the oil market, considering factors like renewable energy and the pandemic's impact.

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What unprecedented event occurred in the US oil market during the COVID-19 pandemic?

Oil demand increased

Oil prices reached an all-time high

Oil prices went negative

Oil production doubled

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was the main cause of the 1973 oil crisis?

A natural disaster

A global recession

A technological breakthrough

An oil embargo by Arab countries

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How did the Iranian Revolution affect oil prices in 1979?

Prices were unaffected

Prices more than doubled

Prices remained stable

Prices decreased significantly

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was a significant consequence of the Iran-Iraq war on the oil market?

Stable oil prices

Decreased demand for oil

Economic recessions

Increased oil production

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which countries' industrialization contributed to the rise in oil prices before the 2008 financial crisis?

Australia and Canada

Germany and France

China and India

Brazil and Russia

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was a major factor that led to the 2008 financial crisis affecting oil prices?

A natural disaster

Overproduction of oil

Banks lending excessively

A new oil embargo

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What technology unexpectedly doubled US oil output in recent years?

Solar energy

Wind turbines

Nuclear power

Fracking

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