Answer:
C: The US imports much of its petroleum from foreign countries which set the prices.
This answer is assuming you are referring to the "What Are Natural Resources?" quiz on E22.
Step-by-step explanation:
The United States is a large consumer of petroleum, using it for a variety of purposes such as transportation, heating, and electricity generation. However, the US does not produce enough petroleum to meet its domestic demand and thus relies on imports from other countries.
These foreign countries, such as Saudi Arabia, Russia, and Venezuela, among others, control the supply of petroleum and can influence its price on the global market. The US has little control over the price of petroleum it imports, as it must negotiate with the exporting countries or purchase petroleum at the prevailing market prices.
As a result, the US is vulnerable to price fluctuations and supply disruptions caused by geopolitical events or conflicts in the exporting countries. The US government has implemented various policies and initiatives to reduce its dependence on foreign petroleum, such as increasing domestic production, promoting alternative energy sources, and improving energy efficiency. However, as long as the US continues to rely on foreign petroleum, it will be subject to the pricing decisions made by other countries.
One historical example of the US being vulnerable to price fluctuations and supply disruptions of foreign petroleum is the 1973 oil crisis. In October of that year, the members of the Organization of Arab Petroleum Exporting Countries (OAPEC) announced an embargo on oil exports to the US and other countries that supported Israel in the Yom Kippur War.
This led to a shortage of oil in the US and other affected countries, causing a significant increase in oil prices and long lines at gas stations. The embargo lasted until March 1974, and during that time, the US had to implement various energy-saving measures and seek alternative sources of oil to meet its energy needs.
The crisis highlighted the US's dependence on foreign petroleum and the vulnerability of its economy to supply disruptions caused by geopolitical events. It also led to increased efforts to develop domestic energy sources and promote energy conservation and efficiency.