Crude Oil And Its Impact On The World 's Economy Essay

1887 WordsDec 2, 20168 Pages
1. Crude oil, also known as Petroleum, is a liquid that is found and pumped from the rock formations in the ground. Crude Oil is in the not refined form, and refined into gasoline, heating oil, diesel, kerosene and various products. It is usually found in Saudi Arabia, Nigeria, America, and in Russia. 2. A. The Crude Oil was first discovered during the Industrial Revolution, which happened between the late 1700s and early 1800s. After its discovery in the 19th century it was started to be used for industry. Since then it became the most traded commodity and is called the black gold, because the world’s economy is directly dependent on crude oil since all the machines use it to operate. B. Where is it found? Crude oil is hard to locate, because most of the places that have been drilled in hope of finding crude oil turns out to be dry. For example, according to in the last 150 years companies have drilled over two million wells around the world, but most of them were dry. But recently thanks to new innovations and technologies odd to find a crude oil increased to almost 50% comparing with 10% of early years of discovering crude oil. Before drilling, oil companies use technologies such as 3D projections, sound waves, typographical maps and aerial photography in order to make sure if there is an crude oil or gas and also to take a guess about the size and consistency of it. Sill, the drilling is the only way to make sure whether there is oil or no, but drilling

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