Did you know…
The word “petroleum” literally translates as “rock oil.” It stems from the Greek word “petra,” meaning rock, and the Latin word “oleum,” meaning oil.
Crude oil is considered the “mother of all commodities” because of its use in the manufacturing of numerous products, including gasoline, synthetic fabrics, plastics and pharmaceuticals.
Crude oil is measured in barrels, which are each equivalent to 42 U.S. gallons.
One barrel of oil accounts for about 19.15 gallons of gasoline, 9.21 gallons of diesel, 3.82 gallons of jet fuel, 1.75 gallons of heating oil and about 7.3 gallons for other petrochemical products like tar, asphalt, bitumen, etc.
Products like fertilizers, plastics, car tires, ammonia, perfumes and even bubble gum are synthesized using petroleum products obtained during the crude oil refining process.
Glycerin — a sweet-tasting synthetic ingredient used in toothpaste and other products — is a petrochemical derived from oil.
Oil is created from the decomposition of organic materials under intense heat and pressure over millions of years.
Oil consumed in the U.S. by driving is nearly two times that consumed by drivers in China and India combined.
[Source: Investing Answers – May 2011]