Oil is one of the most important commodities

Introduction

Oil is one of the most important commodities in the world. Used in everything from food to fuel, this natural resource has become so ingrained into our society that it's hard to imagine life without it. Let's take a look at some history and facts about this valuable resource so you can understand why oil matters so much!

What is Oil?

Oil is a natural resource found in the earth, and it comes in many different forms. You may have seen it as a black, viscous liquid, or you may have used it to make your favorite dish. Oil is used for all kinds of things, from cleaning to fueling cars to making chemicals and plastics.

Oil can be found in different places around the world depending on where geologic events happened millions of years ago (or even yesterday). Most oil-bearing rocks are sedimentary rocks like sandstone or limestone that were formed when tiny organisms died and decayed over time into sediments like clay or silt at the bottom of lakes or seas. Over time these layers became buried under more layers of sediment: first by windblown dusts; then by volcanic ash falls; then by more windblown dusts; eventually creating thick layers of rock we call "sandstones".

How is it created?

Oil is a fossil fuel, formed originally from organic matter that has been buried in the earth for millions of years. As organic matter decays, it releases heat and pressure builds up inside the earth around it. This process is known as thermal cracking and results in the formation of hydrocarbons which can be found in crude oil.

The temperature and pressure within an oil reservoir also affect how much oil can be recovered during drilling operations. The deeper you drill for crude oil, the higher these pressures become which means more energy will be required to extract it from underground reservoirs

When was Oil discovered?

Oil was first discovered in 1859, when Edwin Drake struck oil at a depth of 69 feet in Pennsylvania. The first well produced only 20 barrels of oil per day, but this was enough to make the site commercially viable. Oil wells were soon established throughout the state, and by 1860 there were already more than 4,000 wells producing petroleum.

Oil was primarily used as a lubricant for machinery before it became popular as an energy source.

Where is Oil discovered?

Where is Oil Discovered?

Oil is discovered in the earth's crust, where it can be found in rock formations. The oil fields are divided into two categories: onshore and offshore. Onshore fields are located near the surface of the earth, while offshore fields are located underwater. In addition to these two locations, there are also deep-water wells that produce about 10% of the world’s annual output of oil, gas and coal.[1] Some examples include

• Abqaiq Field (Saudi Arabia)

• North Sea Basin Fields (United Kingdom)

• Ghawar Field (Saudi Arabia)

There are many other places where this important commodity has been discovered!

Why does Oil matter?

Oil is one of the most important commodities in the world. It accounts for a large portion of transportation fuel, and is also used in agriculture and manufacturing. Oil production has been a source of great wealth for some countries; however, it has also caused many ecological disasters throughout history.

Oil creates great debate amongst environmentalists and politicians alike because it can be viewed as both a renewable resource or finite source that must be conserved carefully.

Oil is one of the most important commodities used in the modern world today.

Oil is one of the most important commodities used in the modern world today. It's not just a product we use to power our cars and heat our homes; oil is also used to make plastics, which are used in countless products. The production of plastic requires oil and other petroleum products like natural gas, coal, and peat. Without these resources, many industries would grind to a halt overnight.

Oil powers planes as well as cars. Airplanes would not be able to fly without jet fuel made from crude oil or refined gasoline (also called petrol), both of which get their energy from crude oil as well as natural gas produced from petroleum deposits like those found at Prudhoe Bay in Alaska or deep below ground near Bakersfield County in California's San Joaquin Valley where Kern County receives 90% of its electricity generation by burning off methane gas found during drilling operations such as hydraulic fracturing (fracking).

Conclusion

Oil is one of the most important commodities used in the modern world today. It has been around for centuries, but only recently has it become a commodity that is so important. Oil has helped us move away from traditional methods of travel and brought us closer together as a global community, while also enabling some countries with less access to other resources than others to thrive economically through trade deals that rely heavily on oil exports.