Tag: mineral and energy resources - ii

Petroleum is known as Liquid Gold because of its high value in the market. It also serves directly or indirectly as a source for many organic products which are useful to humans. Like gold, it is expensive and difficult to find.

The word petroleum is derived from Latin words –Petra meaning rock, oleum meaning oil. So, petroleum means rock oil.

Petroleum is often referred to as liquid gold due to its high economic value and its critical role in the global economy.

Historically, ancient civilizations, including the Egyptians, used naturally occurring petroleum (bitumen) for medicinal purposes, such as balms for pain relief and embalming.

Petroleum is a fossil fuel formed from the remains of ancient marine plants and animals that were buried under layers of sediment and subjected to high heat and pressure over millions of years.

Historically, early records indicate that people in Japan used naturally occurring oil (seeping from the ground) as a fuel source for lighting and heating.

The word petroleum is derived from Latin words –Petra meaning rock, oleum meaning oil.

Fossil fuels are hydrocarbons, primarily coal, fuel oil or natural gas, formed from the remains of dead plants and animals.

The term "Petroleum" is derived from two Latin words "Petr" and"Oleum". Here "Petra" means "rock" and "Oleum" means "Oil". Thus the word petroleum means rock oil. Petroleum is a fossil fuel as it has been created by the decomposition of organic matter over millions of years. It is a mixture of petrol, diesel, wax, kerosene, plastic, and lubricants.

Middle East is the largest oil producing region in the world holding a 35% market share in 2016. Led by Iran, Iraq and Saudi Arabia, it is also one of the top regions that is expected to increase its oil production by 2020.