Texas History - Oil Vocabulary

Petroleum

• only makes car oil

• liquid found deep underground, which can be used to make many products.

• a resource that is only found in Texas

The Function of OPEC

• To regulate the supply of oil in order to set the price for the world market.

• To harbor all of the oil in the world.

• To decide which countries get to use oil and which ones don't

Oil Derrick

• A guy named Derrick who really likes oil

• A tall tower which helps support the drilling equipment.

• The first gush of oil that comes up when a new oil field is drilled.

Crude Oil

• oil in its final/finished form ready for use.

• The kind of oil we cook with

• Oil in its natural state; not yet refined or finished

Industry

• Group of businesses that make or sell similar products or perform similar services

• One particular type of business

• Oil companies

Where crude petroleum is refined, or cleaned, to make it ready to use

• oil cleaning

• refinery

• oil finisher

A town undergoing rapid growth due to sudden prosperity.

• mining town

• Oil rush

• Boomtown

OPEC stands for....

• Organization of the Petroleum Exporting Countries

• Oil Producing Excellent Countries

• Only Petroleum Economy Countries

The amount of people that want a good

• Supply

• Demand

The amount of a good that is available

• Supply

• Demand