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What does reserved oil mean?
Oil that is "reserved" by the US government is held underground in the Teapot Dome area of Wyoming. It is to be used in cases of national emergencies.
What is an oil reserve?
An oil reserve is a discovered but not yet consumed pocket of oil. Reserves are typically in the form of crude oil that is pumped out of the ground as liquid, or tar sand that is mined and later processed into oil.
Who made a fortune in the oil business?
John D. Rockefeller is famous for having made a fortune in the oil business. He co-founded the Standard Oil Company in 1870.
Benefits of OPEC?
The OPEC is a body that links the major oil producing countries and provides a framework of how they will do the production and marketing. It gives them collective bargaining to get the best prices.
What best describes the relationship between the US and oil?
Many statements might fit here:What began in the late 1800s as a love of oil (and the potential wealth oil brings) has turned to a love-hate relationship with oil. Oil has a wealth of uses, but also a wealth of consequences.The United States uses one-quarter of the world's energy.The United States is the second-largest producer of oil in the world.The United States imports more oil than any other country.The United States suffers from a blind and selfish dependency on oil.The United States struggles with ending its dependency on oil, especially when lobbyists fight this.The United States argues with itself over off-shore oil drilling. Catastrophes would truly be catastrophic, but the "oil race" continues.
