EBF 301 EBF301 Quiz 3 Answers (Penn State University)

EBF 301 EBF301 Quiz 3 (Penn State University)

1.The global standard for crude oil is:

A) Brent North Sea
B) Saudi-Arabian Light
C) West Texas Intermediate (WTI)
D) Venezuelan high-sulfur

2.Crude oil is transported by:

A) Truck
B) Rail
C) Pipeline
D) All of the above

3.Over 50% of all U.S. demand for crude oil is in what region?

A) Northeast
B) Southwest
C) Midwest
D) Gulf Coast

4.One barrel equals how many gallons?

A) 40
B) 37
C) 42
D) 50

5.The U.S. crude supply and demand regions are divided into:

A) PODDS
B) PADDS
C) NERCS
D) POOLS

6.Which of the following is not a member of OPEC?

A) Nigeria
B) Libya
C) Venezuela
D) Russia

7.The first major step in the crude oil refining process is:

A) Condensation
B) Evaporation
C) Distillation
D) Sublimation

8.The second major step in the crude oil refining process is:

A) Diversion
B) Fusion
C) Separation
D) Conversion

9.Distillation of crude oil results in what products? (check all that apply)

A) Liquefied Petroleum Gases (LPG)
B) Kerosene
C) Diesel
D) Jet-A fuel

10.Conversion processes further break-down distilled products into: (check all that apply)

A) Gasoline
B) Jet-A fuel
C) Blending components
D) “coke”