Q1 For the following say true or false and correct the wrong phrase 1- Part of the role of petroleum economics and engineering is to assess the appropriateness of a given project, estimate its value, and justify it from an engineering standpoint 2- Proven reserves does not change from year to year. 3- low oil prices induce more discoveries which increase the amount of proven reserves 4- Financial and electronic revolutions caused massive market speculation and more fluctuation in oil prices. 5- Natural gas prices outside the United States are basically has ni relation of oil prices through long-term contracts. 6- capital and exploration expenditure has decreased as a result of the low price of new technologies and the shortage of skilled human resources 7- The supply of crude oil is generally regarded as inelastic with respect to price 8- The refining industry is located mostly where oil is consumed 9- Oil Marketing is the most simplest sector of the world oil industry 10-Aviation fuel tends to be an especially profitable marketing area. Q1For the following say true or false and correct the wrong phrase1- Part of the role of petroleum economics and engineering isto assess the appropriateness of a given project, estimate itsvalue, and justify it from an engineering standpoint2- Proven reserves does not change from year to year.3- low oil prices induce more discoveries which increase theamount of proven reserves4- Financial and electronic revolutions caused massive marketspeculation and more fluctuation in oil prices.5- Natural gas prices outside the United States are basically hasni relation of oil prices through long-term contracts.6- capital and exploration expenditure has decreased as aresult of the low price of new technologies and the shortageof skilled human resources7- The supply of crude oil is generally regarded as inelastic withrespect to price8- The refining industry is located mostly where oil isconsumed9- Oil Marketing is the most simplest sector of the world oilindustry10-Aviation fuel tends to be an especially profitable marketingarea.

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q1 For the following say true or false and correct the wrong phrase 1- Part of the role of petroleum economics and engineering is to assess the appropriateness of a given project, estimate its value, and justify it from an engineering standpoint 2- Proven reserves does not change from year to year. 3- low oil prices induce more discoveries which increase the amount of proven reserves 4- Financial and electronic revolutions caused massive market speculation and more fluctuation in oil prices. 5- Natural gas prices outside the United States are basically has ni relation of oil prices through long-term contracts. 6- capital and exploration expenditure has decreased as a result of the low price of new technologies and the shortage of skilled human resources 7- The supply of crude oil is generally regarded as inelastic with respect to price 8- The refining industry is located mostly where oil is consumed 9- Oil Marketing is the most simplest sector of the world oil industry 10-Aviation fuel tends to be an especially profitable marketing area.

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