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The Importance Of Crude Oil In The World

753 Words4 Pages

PRODUCT DESCRIPTION Crude oil, a yellowish black mineral oil, is extracted from under the surface of the earth. This oil consists of a number of hydrocarbon compounds as it is formed from the millions of year’s old animal and plant remnants. This mixture of hydrocarbons remains in liquid form under the normal atmospheric temperature and when distilled, a number of by-products can also be extracted. Crude oil is also an important ingredient of some medicines due to the curing properties it has. WORLDVIEW Oil is the only commodity that holds the position of a key factor in each and every economy of the world. The richest nations of the world are at their current positions just because of the oil factor. The importance of oil has reached such a level that there is no country in the world, which doesn’t need oil and its by-products, and if somehow their reserves fall short of their domestic demand, they are ready to import the product at any cost. Oil exports form a huge share of the earnings of many nations. Crude oil and its by-products serve as their inputs and thus crude oil is required either directly or indirectly by every industry to function properly. The extent of the importance of crude oil was shown to the world when the strongest of economies of the world were shaken up as the oil prices shot up in 1973 and 1979 when the gulf countries refused to supply oil to the countries that were the supporters of Israel in its war with Egypt and Syria. Crude oil alone bears

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