What Is Crude Oil?
Crude oil is unrefined petroleum that occurs naturally and is mostly composed of hydrocarbon deposits. It’s a finite resource that can be refined to produce everyday products like gasoline, diesel fuel, and petrochemicals for plastics.
Why Is Crude Oil So Valuable?
Before the Industrial Revolution, agricultural staples like corn and wheat ruled the commodities market. Today, however, crude oil and its derivatives are the most actively traded commodities in the world. That’s not surprising, considering that oil touches just about every aspect of the global economy, both in terms of creating consumer goods as well as their production and transportation. If you think of oil mainly as fuel to power cars, trains, jets, and ships, you’re only seeing a tiny piece of the puzzle. Oil is a major component in the manufacture of Plastics Synthetic textiles (acrylic, nylon, spandex, polyester) Fertilizer Computers Cosmetics.
How Much Oil Is Used Per Day?
As of 2019, the average American uses approximately three gallons of petroleum products per day. A 42-gallon barrel of crude oil produces roughly 45 gallons of petroleum. Of this, most go to creating different kinds of fuel sources with roughly 13% going to produce consumer products.
Top Oil Producing Countries Rank Country Flag Oil Production (Millions of barrels per day): USA, Saudi Arabia, Russia, Canada, China, Iraq, UAE, Brazil, Iran, Kuwait
Tuesday, 24 November 2020
22:03 PM WIB
Best regards,
RyodaBrainless
"Live to Ride and Ride to Live"
Crude oil is unrefined petroleum that occurs naturally and is mostly composed of hydrocarbon deposits. It’s a finite resource that can be refined to produce everyday products like gasoline, diesel fuel, and petrochemicals for plastics.
Why Is Crude Oil So Valuable?
Before the Industrial Revolution, agricultural staples like corn and wheat ruled the commodities market. Today, however, crude oil and its derivatives are the most actively traded commodities in the world. That’s not surprising, considering that oil touches just about every aspect of the global economy, both in terms of creating consumer goods as well as their production and transportation. If you think of oil mainly as fuel to power cars, trains, jets, and ships, you’re only seeing a tiny piece of the puzzle. Oil is a major component in the manufacture of Plastics Synthetic textiles (acrylic, nylon, spandex, polyester) Fertilizer Computers Cosmetics.
How Much Oil Is Used Per Day?
As of 2019, the average American uses approximately three gallons of petroleum products per day. A 42-gallon barrel of crude oil produces roughly 45 gallons of petroleum. Of this, most go to creating different kinds of fuel sources with roughly 13% going to produce consumer products.
Top Oil Producing Countries Rank Country Flag Oil Production (Millions of barrels per day): USA, Saudi Arabia, Russia, Canada, China, Iraq, UAE, Brazil, Iran, Kuwait
Tuesday, 24 November 2020
22:03 PM WIB
Best regards,
RyodaBrainless
"Live to Ride and Ride to Live"