Answer True or False to the following statements.

-Hydraulic Fracturing or "Fracking" has been a game-changer during the past two decades, causing the United States to become the top oil-producing nation in the world as of 2017.

-"Petroleum" literally means "Rock Oil."

-NPRI owners (owners of Non-Participating Royalty Interests) may receive three payments: bonus payments, rentals, and royalties.

-A "Cartel" is defined as a criminal organization engaged in organized crime, most often drug smuggling.

-A cartel controls the price of a given product by controlling the supply of that product. To lower prices, the cartel increases the amount sold; to raise prices, they reduce the amount sold.

-Mineral owners may receive three payments: bonus payments, rentals, and royalties.

-The controversial (and not well-accepted) abiogenic theory argues that petroleum was NOT made from fossils

-In the same way that drilling for oil saved the whales, the invention of plastic arguably saved the elephants

-The discovery of the Black Giant caused global oil prices to drop

-One indirect result of the Spindletop Gusher is that the oil business remains litigious.

-Oil is valuable because it contains four times the energy of coal.

-Today "gushers" are known as "blowouts" and are handled with a Blowout Preventer.

-According to our class, the "PRICE" is the point where the Supply Curve and the Demand Curve intersect.

-Kings and governments own most of the mineral rights in the world

-The discovery of the "Lucas Gusher" at Spindletop caused oil prices around the world to rise.

-A single sperm whale could produce 25 to 40 barrels of oil (as much as three tons).

-People knew about oil and gas for thousands of years and used it in various ways here and there before finally organizing its use into an international industry

-The Plastic Industry is the world's largest industry today