CHAPTER 12 Flashcards
(30 cards)
Who developed the Hubbert Method?
M. King Hubbert
Hubbert famously predicted that U.S oil production would peak between ___ and ____?
1965 and 1970
When did the rise of the World Energy Crisis happen?
Early 1970’s
This method predicts the production cycle of finite energy resources using a logistic
curve model.
Hubbert Method
The world’s energy landscape is characterized by a growing tension between ____ and _____?
Finite supplies and escalating
demand
In 2021, coal reserves remained a major energy source, accounting for how many percent of energy production?
27%
What caused the 1973 oil shortages?
Middle Eastern production
cuts
In the 20th century, energy concerns shifted with the rise of oil as a dominant energy source. The 1970s oil crisis marked a turning point, exposing the vulnerabilities of global independence on fossil fuels and the geopolitical power of oil-producing nations, particularly PAEC.
The first statement is true, the
second statement is false.
Primary energy sources are found in nature and need to be extracted or harnessed.
Secondary energy sources like electricity or hydrogen are produced from the conversion
of primary sources.
Both statements are true.
Estimating global energy reserves is challenging due to the unlimited data on deposit size, cheap extraction costs, and technology. Despite imperfect information, we can analyze available resource data and consider how technological advancements, costs, and prices influence future energy availability.
The first statement is false,
and the second statement is
true.
This method is known as the estimate-talk-estimate technique, a qualitative forecasting
approach that gathers and synthesizes expert opinion through iterative rounds of the
questionnaire.
Delphi Method
These are the five developing countries that created OPEC in 1960
Iran, Iraq, Kuwait, Saudi
Arabia, and Venezuela
According to the Annual Statistical Bulletin of OPEC, as of 2022 OPEC member countries hold approximately
79.5%
In factors affecting resource recovery, the energy density of the resource is also important.
Deposit
Which organization employed a global Delphi panel of energy experts to forecast
emerging opportunities and challenges in renewable energy markets, helping to assess the
transition away from fossil fuels, including coal?
World Bank’s Independent
Evaluation Group (IEG)
Since late 2022, OPEC+ has implemented significant production cuts totaling millions of
barrels per day to stabilize prices amid fluctuating demand and geopolitical uncertainties.
Production from OPEC and its allies accounted for around 46% of global crude oil production as of early 2025.
Both statements are True.
Nuclear power plants emit most conventional pollutants, they pose unique risks such as accidents, radioactive waste management issues, fuel theft, and sabotage. Burning fuels generates waste heat and greenhouse gases, such as carbon dioxide and particulate matter, which may raise the Earth’s temperature and cause global thermal pollution.
The first statement is False.
The second statement is True.
As of April 2025, aggregate compliance with quotas stood at just 67%, with major
producers like Iraq, Kazakhstan, and Russia consistently exceeding their targets.
Persistent overproduction and quota violations have introduced a “compliance discount”
into oil pricing models, with traders now assuming only 80% of OPEC+’s announced
cuts will be realized.
The first statement is True.
The second statement is
False.
The Delphi method is a quantitative forecasting technique that relies on a single round of
expert surveys without any feedback. It was developed in the 1980s primarily for predicting stock market trends and is rarely used outside of finance
Both statements are False
Control over oil supplies can be used as a diplomatic tool or an economic sanction.
Authorized supply and seasonal non-compliance have resulted in inventory surpluses,
further destabilizing the market and creating downward pressure on prices.
The first statement is True.
The second statement is
False.
The primary goal of improving the efficiency of converting primary fuels into secondary
fuels is to:
Meet the same energy
demand with a lower primary
fuel input.
Incomplete combustion in thermal power plants leads to:
Unburnt fuel and partially
burnt products, representing a
loss of energy potential.
Vacuum insulation panels (VIPs) are being investigated for cold chain equipment because of their:
Low thermal conductivity.
Re-engineering industrial processes to improve energy efficiency can involve:
Combining multiple process
steps into one efficient unit.
