Which of the following statements are true regarding petroleum?

I. Nearly 60 per cent of the world’s petroleum reserves are found in the Middle East.
II. Alaska has proved petroleum resources comparable to Texas.
III. The U.S.A. is both a major producer and a major Importer of petroleum.

Select the correct answer from the codes given below:
Codes:

A) I and II are correct

B) II and III are correct

C) I and III are correct

D) All are correct

This MCQ is part of the UP PSC Previous Year Questions (PYQs) series, focusing on UPPSC Prelims 1998 (GS Paper I)