OPEC members and oil producers outside the group can compensate for any halt in crude shipments

from Libya, Qatars Oil Minister Mohammed Saleh Al Sada said, after prices surged last week to a two-year high. We think there is no shortage of supply, Al Sada told reporters in Doha today. OPEC and others outside OPEC can make up for the loss of Libyan production. Concern that political upheaval in North Africa and the Middle East would disrupt supplies drove the price of crude to $103.41 a barrel last week, the highest level since September 2008. Libya holds the largest proven oil reserves in Africa. Al Sadas comments followed those of a Saudi Arabian oil official, who said on Feb. 24 there was no reason for oil prices to rise because Saudi Arabia and the Organization of Petroleum Exporting Countries wouldnt allow shortages to exist. Qatar and Libya are among the 12 members of OPEC, which pumps about 40 percent of the worlds oil. Saudi Arabia is the groups largest and most influential member. The Saudi official, who declined to be identified by name, said in a telephone interview that some African oil going to Asian markets can be redirected to Europe, while extra Saudi oil can go to Asia to replace Nigerian or Angolan supplies there. Violent clashes between opponents of Libyan leader Muammar Qaddafi and forces loyal to him have reduced the North African nations oil output by at least 850,000 barrels a day from 1.6 million before the conflict, according to a statement on the website of the International Energy Agency on Feb. 25. The Paris-based IEA advises industrialized, oil-consuming nations. To contact the reporter on this story: Robert Tuttle in Doha at rtuttle@bloomberg.net

-------1. On what date was the above article printed? 2. How many times has this article been shared? 3. What Middle Eastern country is this article about? 4. How could this article be biased? (Who would benefit from printing this article?) 5. If Pres. Obama were to open up offshore drilling in the United States today, how do you think the members of OPEC would feel?

6. Does graph 1 show a daily chart or weekly chart? 7. What was the price of an oil barrel in on February 10th? (They write months & days backwards!)

8. On what day did the oil prices peak? What was the price on that date? 9. Is there another way you could display this data? How so?

WHAT IS AN OIL BARREL? A barrel is one of several units of volume. The standard oil barrel of 42 US gallons is used in the United States as a measure of crude oil and other petroleum products. Elsewhere, oil is commonly measured in cubic metres (m3) or in tonnes (t), with tonnes more often being used by European oil companies. Many oil producing countries use the American oil barrel.

10. How many gallons are in an oil barrel? 11. A European oil company would measure their oil in what two ways?

12. As of the end of 2009, which country had the largest oil reserves? 13. Is the USA a member of OPEC? 14. How many billion (bn) barrels do OPEC countries have in reserve? 15. Oil reserves in the Middle east account for what total % of OPEC? (see small text)

Baltimore-area gas prices surge 22 cents

Date: Monday, February 28, 2011, 11:51am EST

The price per gallon on regular gas in the Baltimore-area averaged $3.32 on Monday, compared with $3.10 a week ago. That also compares with $3.08 a month ago and $2.65 a year ago, according to AAA's Daily Fuel Gauge Report. The national average price of regular unleaded gasoline is $3.35 per gallon up 19 cents from last week. At $3.04, Montana's gas prices are the cheapest in the U.S. California is the most expensive, with gas prices on Monday averaging $3.76 a gallon. 16. What was the average price in the Baltimore area as of Monday? 17. Where would you go to find the cheapest gas in the USA? 18. Where would you go to find the most expensive gas?

19. How much was gas a year ago in the Baltimore area? MODIFIED: CHOICES

OPEC members and oil producers outside the group can compensate for any halt in crude shipments from Libya, Qatars Oil Minister Mohammed Saleh Al Sada said, after prices surged last week to a two-year high. We think there is no shortage of supply, Al Sada told reporters in Doha today. OPEC and others outside OPEC can make up for the loss of Libyan production. Concern that political upheaval in North Africa and the Middle East would disrupt supplies drove the price of crude to $103.41 a barrel last week, the highest level since September 2008. Libya holds the largest proven oil reserves in Africa. Al Sadas comments followed those of a Saudi Arabian oil official, who said on Feb. 24 there was no reason for oil prices to rise because Saudi Arabia and the Organization of Petroleum Exporting Countries wouldnt allow shortages to exist. Qatar and Libya are among the 12 members of OPEC, which pumps about 40 percent of the worlds oil. Saudi Arabia is the groups largest and most influential member. The Saudi official, who declined to be identified by name, said in a telephone interview that some African oil going to Asian markets can be redirected to Europe, while extra Saudi oil can go to Asia to replace Nigerian or Angolan supplies there. Violent clashes between opponents of Libyan leader Muammar Qaddafi and forces loyal to him have reduced the North African nations oil output by at least 850,000 barrels a day from 1.6 million before the conflict, according to a statement on the website of the International Energy Agency on Feb. 25. The Paris-based IEA advises industrialized, oil-consuming nations. To contact the reporter on this story: Robert Tuttle in Doha at rtuttle@bloomberg.net

-------1. On what date was the above article printed? A. Feb. 27, 2011 B. Mar. 2, 2011 2. How many times has this article been shared? A. 3 times B. 1 time 3. What Middle Eastern country is this article about? A. Qatar B. Libya C. Asia 4. How could this article be biased? (Who would benefit from printing this article?) 5. If Pres. Obama were to open up offshore drilling in the United States today, how do you think the members of OPEC would feel?

6. Does graph 1 show a daily chart or weekly chart? A. Daily B. Weekly 7. What was the price of an oil barrel in on February 10th? (They write months & days backwards!)

A. 98.24 B. 97.59

C. 99.00

8. On what day did the oil prices peak? What was the price on that date? A. 2/28, 108.50 B. 2/24, 111.01 9. Is there another way you could display this data? How so?

C. 2/18, 111.01

WHAT IS AN OIL BARREL? A barrel is one of several units of volume. The standard oil barrel of 42 US gallons is used in the United States as a measure of crude oil and other petroleum products. Elsewhere, oil is commonly measured in cubic metres (m3) or in tonnes (t), with tonnes more often being used by European oil companies. Many oil producing countries use the American oil barrel.

10. How many gallons are in an oil barrel? A. 50 B. m3 C. 42 11. A European oil company would measure their oil in what two ways?
A. tonnes and gallons B. barrels and cubic metres C. cubic metres and tonnes

12. As of the end of 2009, which country had the largest oil reserves? A. Ecuador B. Saudi Arabia 13. Is the USA a member of OPEC? A. Yes B. No 14. How many billion (bn) barrels do OPEC countries have in reserve? A. 272.9bn B. 1064bn C. 6.51bn

15. Oil reserves in the Middle east account for what total % of OPEC? (see small text) A. 1000 B. 70% C. 115

Baltimore-area gas prices surge 22 cents

Date: Monday, February 28, 2011, 11:51am EST

The price per gallon on regular gas in the Baltimore-area averaged $3.32 on Monday, compared with $3.10 a week ago. That also compares with $3.08 a month ago and $2.65 a year ago, according to AAA's Daily Fuel Gauge Report. The national average price of regular unleaded gasoline is $3.35 per gallon up 19 cents from last week. At $3.04, Montana's gas prices are the cheapest in the U.S. California is the most expensive, with gas prices on Monday averaging $3.76 a gallon. 16. What was the average price in the Baltimore area as of Monday? A. $3.32 B. $3.35 17. Where would you go to find the cheapest gas in the USA? A. California B. Montana

18. Where would you go to find the most expensive gas? 19. How much was gas a year ago in the Baltimore area?

A. $3.32

A. California B. Montana B. $3.35 C. $2.65