Oil factsIndustry quiz
What kind of crude oil is better? (more expensive)
Sweet crude oil contains small amounts of hydrogen sulfide (in contrast to sour crude oil). Low-sulfur crude oil is in high demand as it is used to produce high-quality gasoline without the need for expensive processes of removing sulfur impurities. The term "sweet" originates from the fact that a low level of sulfur provides the oil with a mildly sweet taste and pleasant smell. Nineteenth century prospectors would taste and smell small quantities of oil to determine its quality.
Where is the headquarters of OPEC?
In Vienna. OPEC was created in 1960 with headquarters in Geneva, Switzerland. It moved to Vienna, Austria in 1965.
Rockefeller's Standard Oil used to be the most profitable company in the world. What happened to it?
It was forcily split to several independent companies. In 1911, the Supreme Court of the United States ruled that Standard Oil must be dissolved under the Sherman Antitrust Act and split into 34 companies. Four of these companies were "Jersey Standard", which became Exxon, "Standard Oil of New York" which became Mobil, "Standard Oil of Ohio" which became SOHIO, "Standard Oil of Indiana" which became Amoco and "Standard Oil of California" which became the Chevron Corp.
What is the world's primary oil chokepoint?
Strait of Hormuz. The Strait of Hormuz is a strait between the Persian Gulf and the Gulf of Oman. About 35% of all maritime-traded petroleum passes through the strait, making it the world's primary oil chokepoint. It is able to accommodate the largest oil tankers in the world.