Oil



__**Part I: Where does the world's oil come from and who consumes it?**__ By [|visiting this site] and clicking on the different questions, please answer the following questions: a) Where does the United States get its oil from? b) According to "Where is the world's oil produced" what country produces the most oil per day? c) Look at the "Who Consumes the Most Oil" section. Make a small chart that shows a) The top five oil consumption countries in the world and b) the population of these countries. What is concerning about this chart? Which countries are over using compared to the rest of the world? Which countries are underusing compared to their population? d) Which region has the largest oil reserves in the world? e) Click on the "Surprising facts about US oil consumption" section. How much is world and US oil consumption projected to increase by 2020? What is a light vehicle and what kind of impact does it play on the environment and in oil consumption? f) Using [|this site], read the article and look at the chart - what region of the world has been experiencing the most dramatic increase in oil consumption?

__**Part II: Gas Prices**__ Use this [|nifty chart]to: a) see what the gas prices have been over the past month, year, and six years - what was the high point? What was the low point? When were the prices at an all time high and all time low? b) on the bottom half of the page, you can enter an additional city to compare to the national average. Choose a city and look at its prices over time. Are they higher or lower than the national average? Why do you think this might be?

__**Part III: Key Definitions**__ Freely search online to define the following words a) OPEC b) WTI Crude Oil c) Brent Crude Oil d) crude oil

[|Read this article]: a) Why has OPEC decided to increase oil production? b) How did the events in Libya effect its oil production? c) [|Consult this article], how may prices be affected, if international relations with Iran change? d) [|According to this article], how much is a barrel of Brent Crude Oil? What event just happened to cause this spike in price? e) Look at the image below, what are the three biggest events that have driven the price of oil up since 1947?
 * __Part IV: OPEC and Barrel Prices__**