1973 Oil Crisis: It Begins Trivia

Choose an answer from the three choices and True or False offered after each question and then "Check Your Answers" at the end of the quiz.

1. When did the 1973 oil crisis began?

• September 17, 1973
• October 17, 1973
• November 17, 1973

2. They would no longer ship oil to nations that had supported Israel in its conflict in the Yom Kippur War. Who was NOT fighting against Israel?

• Egypt
• Syria
• Netherlands

3. At the same time, OPEC members agreed to use their leverage over the world price-setting mechanism for oil in order to raise world oil prices, after the failure of negotiations with the "Seven Sisters" earlier in the month.

• True or False?

4. The Seven Sisters consisted of three companies formed by the break up of Standard Oil, along with four other major oil companies. Who was NOT a Standard Oil Company?

• Exxon
• Socal
• Texaco

5. When was the Organization of the Petroleum Exporting Countries (OPEC) formed?

• February 14, 1960
• July 14, 1960
• September 14, 1960

6. On August 15, 1971, the United States pulled out of the Bretton Woods Accord putting the US on the Gold Exchange Standard (whereby only the value of the US dollar had been pegged to the price of gold and all other currencies were pegged to the US dollar), allowing the dollar to "float".

• True or False?

7. On November 27, U.S. President Richard Nixon signs an act authorizing price, production, allocation and marketing controls. What is the act named?

• OPEC Middle East Crisis Act
• Energy Conservation Proclamation
• Emergency Petroleum Allocation Act

8. When does United States Secretary of State Henry Kissinger unveil the Project Independence plan to make U.S. energy independent?

• February 6, 1974
• February 11, 1974
• March 6, 1974

9. Since oil demand falls little with price rises, prices had to rise dramatically to reduce demand to the new lower level of supply.

• True or False?

10. On March 17, Arab oil ministers, with the exception of Libya, announce the end of the embargo against the United States. What country was the exception?

• Egypt
• Libya
• Saudi Arabia

Check Your Answers

1. October 17, 1973
2. Netherlands
3. True
4. Texaco
5. September 14, 1960
6. False. On August 15, 1971, the United States pulled out of the Bretton Woods Accord taking the US off the Gold Exchange Standard (whereby only the value of the US dollar had been pegged to the price of gold and all other currencies were pegged to the US dollar), allowing the dollar to "float".
7. Emergency Petroleum Allocation Act
8. February 11, 1974
9. True
10. Libya

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