Why Petroleum is Called Liquid Gold?

Petroleum is called liquid gold, but why? For example, yellow metal is known as gold. Petroleum is known to the world as black gold or liquid gold.

Because this liquid gold completely governs the financial situation of the world. Petroleum is a natural deposit that we all know like gold, which is found under the surface of the earth.

Petroleum is a natural resource. Which we mine in liquid form.

What’s the reason Petroleum is known as black gold?

 ‘Petroleum’ itself is a very important substance in this world. It balances the world economy. When it’s in the primary state, it is called crude oil. The crude color is black.

It mainly contains Carbon, Hydrogen, Natural Gas, Oxygen, nitrogen, sulfur, and phosphorus with a nominal amount. It’s running a complete world because, from small cars to airplanes and fighter jets, everywhere, liquid gold is essential to fuel.

Gold is also an essential and expensive metal in the world. The yellow metal, called “AU,” is an atomic name.

Natural gold is a mixture of halides, Oxides, hydroxide, and cyanides, AU(OH)3.

As Gold maintains the economy of the world. As well as Oil balances the world’s economy also. That’s why crude oil is called black gold.

Which products are produced by Petroleum?

Petroleum provides many important substances to human civilization. Without petroleum, we would go back many ages. All the world’s industries are totally dependent on it. This is common.

Lots of products are produced through petroleum. As per the US Energy Information Administration (EIA), below is the list of products which has consumed in 2013. Petroleum is the refined form of crude oil.

• Gasoline.
• Jet fuel.
• Propylene.
• Lrg/Ngl
• Petroleum Coke.
• Heating Oil
• Still Gas.
• Petrochemical.
• Heavy Fuel oil.
• Aviation Gasoline.
• Waxes.
• Kerosene.
• Miscellaneous.

All these consumable products are manufactured from petroleum.

How Petroleum Comes to Civilization?

It has been said. Many years ago, large parts of the earth were destroyed by meteorites. Many organisms are buried in the earth because of it.

After many years of being deep in the earth, these organisms first turned into rocks and then liquids due to the pressure and heat of the earth.

That’s liquid called crude oil now. But scientists are sure that this resource will be exhausted very soon because its use continues to be significant.

By the middle of the eighteenth century, mineral oil was used only as a sealing material and for medical purposes. But since 1846, its use has prevailed worldwide.

When did the modern Oil era begin?

 North America and Europe, especially in the 19th century, experienced increased energy demand because industrial evolution took place on these continents. At that time the leading energy resource is coal.

This demand attracted the world to oil. North America to Europe, and the Russian Empire, entered the first advanced modern thought. Competition is created between the United States and other continents.

The United States becomes the largest Oil producer in the world. In the 20th century, oil consumption increased significantly. Especially in the field of logistics or transport.

That’s why during the 1st World War, the automobile industries were upgraded, and ship engines were specially developed. And the aviation industry especially developed at that time.

A large number of oil deposits create a competitive environment around the world. Venezuela is one of them.

During the time of World War II, the demand for crude oil was very high. Energy resource demand creates a big crisis in the international market.

The United States signed an alliance with Saudi Arabia to access crude oil in return for providing security.

 A huge quantity of oil overtakes the demand for coal and becomes a primary resource for the world.

After the Yom Kippur war between Israel and the Arab States of Egypt, Jordan, and Syria, the Middle East countries use Oil as a political weapon. Oil production is imposed to inflate the price of oil. This was the first Oil crisis in the world.

All countries in the world try to reduce their dependency on Oil, and a few countries invest in alternative resources like Nuclear, Hydropower, and again on Coal.

Conclusions

So we can always see that Petroleum is Called Liquid Gold. Because this oil is one of the reasons for the development of all developing or advanced countries in the last fifty years.

Just as gold is an asset of every human race, petroleum is the accumulated capital of various countries. God’s gift to those who produce it.

In 1960, the USSR discovered oil fields in Siberia. They also started to produce crude oil. In 1975, the Soviet Union became the largest producer of Oil in the world. Consumption and demand increased in a world with abundant production and cheap oil.

Two-thirds of oil is used in Transportation industries. Marine commercial processes use the most oil. For that commercial ecosystem, oil industries become powerful entities in the world. This has increased the price of oil.