| Petroleum or crude oil is a naturally occurring liquid | | | | or threatened does the average person begin to |
| found in formations in the Earth consisting of a | | | | realize their importance. |
| complex mixture of hydrocarbons (mostly alkanes) of | | | | The top three oil producing countries are Saudi Arabia, |
| various lengths. Petroleum literally means rock oil; oil | | | | Russia, and the United States. About 80% of the |
| that comes from rock. Petroleum or Crude Oil is a | | | | world's readily accessible reserves are located in the |
| naturally occurring hydrocarbon-based liquid which is | | | | Middle East, with 62.5% coming from the five Arab |
| sometimes present in porous rocks beneath the | | | | countries: Saudi Arabia (12.5%), U.A.E., Iraq, Qatar and |
| earth's surface. Petroleum is formed by the slow | | | | Kuwait. |
| alteration of organic remains over time. It consists of a | | | | Millions of people around the world are employed to |
| mixture of liquid hydrocarbon compounds and varies | | | | find or produce petroleum, ship and refine it and |
| widely in composition, color, density, and viscosity. This | | | | manufacture and market the many oils and waxes |
| liquid after distillation yields a range of combustible fuels, | | | | made from it. |
| petrochemicals, and lubricants. Compounds and | | | | Although there are many alternatives to petroleum |
| mixtures of compounds separated from crude | | | | fuels, an analysis of costs and benefits shows that |
| petroleum by distillation include gasoline, diesel fuel, | | | | petroleum is superior in most every area. Hydrogen, |
| kerosene, fuel oil, some types of alcohol, benzene, | | | | ethanol, hybrid, and biomass technologies are promising |
| heavy naphtha, different grades of lubricating oils and | | | | for automobiles and may soon increase efficiency and |
| residuum. Petroleum is usually classified according to | | | | reduce emissions; but many of these technologies |
| the predominance of paraffin or asphalted compounds | | | | have not yet proven sufficiently profitable to providers |
| and accordingly is said to have a paraffin base, an | | | | or attractive to consumers. Petroleum retains a key |
| intermediate base, or an asphalt base. | | | | advantage because the price of oil remains low |
| Oil wells are drilled as deep as six miles into the Earth | | | | compared to forms of energy with lower |
| to search for petroleum. These wells can cost millions | | | | environmental impacts, like wind and solar power. |
| of dollars to drill, yet drilling is done because petroleum | | | | Unlike hydrogen or even natural gas, oil is easily |
| is a valuable natural resource. Although the major use | | | | transportable and there is a vast infrastructure in place |
| of petroleum is as a fuel (gasoline, jet fuel, heating oil) | | | | to support its use. |
| and petroleum and natural gas are often used to | | | | There are many factors due to which oil prices are |
| generate electricity, there are many other uses as well. | | | | rising but still petroleum is a necessity. These reasons |
| Here are some of the ways petroleum is used in our | | | | are lack of available capacity across the oil supply |
| every day lives. All plastic is made from petroleum and | | | | chain in production, refinery upgrading and |
| plastic is used almost everywhere, in cars, houses, | | | | transportation infrastructure; surging demand in |
| toys, computers and clothing. Asphalt used in road | | | | emerging economies; apparent insensitivity of |
| construction is a petroleum product as is the synthetic | | | | consumers to the price signal; uncertainties related to |
| rubber in the tires. Paraffin wax comes from | | | | the weather (hurricanes) or to politics (Iran, Iraq, |
| petroleum, as do fertilizers, pesticides, herbicides, | | | | Venezuela, Nigeria); and increasing activity in the |
| detergents, phonograph records, photographic film, | | | | commodities markets. It is not very useful to blame |
| furniture, packaging materials, surfboards, paints and | | | | any single player in the game. This could pose danger |
| artificial fibers used in clothing, upholstery, and carpet | | | | to the economy and business of the world. |
| backing. Helium, sulfur and other valuable materials are | | | | Therefore, benefits of petroleum have brought |
| produced from oil wells along with petroleum itself. | | | | enumerable benefits to human civilization: quality of life, |
| Petroleum is used principally as a source of fuel and | | | | dynamic prosperity and a source of income to energy |
| lubricating oils. Only when these supplies are restricted | | | | traders. |