Year 11 - Geography
Changing oil supply and prices
Energy
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This pupil-friendly study guide includes a unit summary, clear notes, common mistakes, and quick questions with answers.
Unit Summary
This unit teaches pupils about different energy resources, their extraction and uses. Pupils learn about the different types of energy, the factors affecting extraction and the patterns and inequalites associated with production and consumption. Pupils also learn about energy futures.
Lesson Summary
You will learn to explain how changing international relations and economic factors can affect oil supply and oil prices.
Key Notes
- Oil production and the price of oil change over time.
- Political factors, such as conflicts and changing diplomatic relations, affect oil supply and oil prices.
- Economic factors, such as recessions and booms and under and over supply, affect oil supply and oil prices.
Vocabulary To Learn
- supply: the amount of something (e.g. oil) that is available to buy
- demand: how much of something (e.g. oil) that people want to buy
- diplomatic relations: how well (or badly) countries get along with each other, which can affect trading relationships of supply and demand
- recession: a period when economies stop growing temporarily and people spend less
Common Mistakes To Avoid
- If demand for oil decreases then oil prices will always decrease too.
3 Quick Questions (With Answers)
1. Explain this geography topic using two clear key points.
Oil production and the price of oil change over time. Political factors, such as conflicts and changing diplomatic relations, affect oil supply and oil prices.
2. Define this geography term and use it in an example. 'supply'
the amount of something (e.g. oil) that is available to buy.
3. Correct this common geography misunderstanding.
Mistake: If demand for oil decreases then oil prices will always decrease too. Correction: Although oil prices may decrease if demand decreases, oil-producing countries can increase the price of oil by reducing the amount of oil they supply. This requires oil-producing countries to work together to reduce supply.
More Lessons In This Unit
- Changing attitudes to unsustainable energy consumption Study Guide
- Classification of energy – non-renewable, renewable and recyclable Study Guide
- Costs and benefits to fossil fuel alternatives Study Guide
- Developing conventional oil/gas sources in sensitive or remote areas Study Guide
- Developing unconventional oil/gas sources in sensitive or remote areas Study Guide
- Distribution of oil reserves, factors affecting growth of oil consumption Study Guide
- Energy futures – contrasting views Study Guide
- Environmental impacts of energy extraction Study Guide
- Factors affecting access to energy resources Study Guide
- Global patterns of energy use and causes of variations Study Guide
- Reducing demand on fossil fuels Study Guide
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