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