Table of Contents
Introduction
There are a lot of questions that people are trying to find out in the Oil and Gas sector, one such big question is ” What Is Black Gold ? ” Let us take up this question and try to answer ” What Is Black Gold ? ” in this article. Hope article answer helps you to understand better on What Is Black Gold ?
What Is Black Gold ?
Black gold is a term that is commonly used to describe “crude oil” which is considered as one of the most valuable assets in the modern and fast growing world. The name black gold describes its importance in the fueling global economy and importance across all the countries in the globe.
Since gold is always linked to a high value asset, in the same way black gold is also considered as a highly valuable asset which global economies and industries. Black gold or crude oil which is found deep below the earths surface informs of underground reservoirs, which can be extracted and processed into Natural Gas, LPG [ Liquified Natural Gas ], Diesel, Jet Fuel and other energy resources as well.
Origin Of The Term “Black Gold”
The term black gold was coined in the 19th Century. It was in the early days when oil industry was just booming and started impacting the global economies and industries. Unlike gold, black gold value comes from its versatility and utility as a reliable source of energy and raw material across the globe.
Further to add more on this, the discovery of oil wells in United States Of America [ U.S.A ] namely Edwin’s Drake in Pennsylvania in the year 1859 and Spindletop in Texas in the year 1901 further strengthened the term Black gold and added more value to it.
Black Gold And Its Importance
Black gold has its own importance, lets discuss this one by one.
Economical Growth
Black gold or crude oil is the backbone of many developed and developing countries, it contributes to its economic growth. Crude oil extraction, refinement and distribution is a very important process as other industries rely on this for their energy. Oil exporting middle east nations such Saudi Arabia, Qatar completely rely on it as a biggest primary source of Income.
Industrial Growth And Applications
Apart various uses of black gold, black gold or crude oil derivatives such plastics, fertilizers and chemical also have tremendous value and support global economy growth. This in-turn makes black gold more versatile across all the various industries across the globe.
Energy Supply
Black gold or oil plays a very important role in the global energy mix and consumption. It powers vehicles, industries, electricity or power generation units. Also it is used in heating homes in cold areas.
Global Influence Resource
Historical trend proves that, countries that are rich in oil resources always had a upper in geopolitical influence and negotiations. Black gold or crude oil is always used as a weapon in global geopolitics.
Social And Environmental Impact Of Black Gold
By now we have a clear idea that black gold or crude oil has a direct impact on the global economy and drives economic progress. But at the same time its equally important to understand environmental impacts of black gold. Burning of fossil fuels is a leading contributor to green house gas emission and global warming. It has global impact on the global ecosystem.
Black Gold And Its Future
Due to rising global environmental issues, the world is shifting towards more and more sustainable and greener energy. The world is on a continuous process to seek efficient and cleaner source of energy and reduce the dependence on fossil fuels. How ever the crude oil will play a very crucial role in the global energy mix.
Conclusion
Black gold or crude oil is a very valuable resource across the globe, while it had fueled global economies but at the same time it has adverse effect on the global ecosystem which must be addressed urgently. While the world moves towards clean, green and sustainable energy the contribution of black gold or crude oil cannot be forgotten.
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To read more on Black Gold, please click the following link – Black Gold
To know more about if natural gas is renewable ? click the following link – Is Natural Gas Renewable