Petroleum is referred to as “Black Gold.” This name itself is an indication of its importance to humans. Crude oil is considered to be the “mother of all commodities” as it is used to manufacture various products such as pharmaceuticals, plastics, gasoline, synthetic fabrics, etc. Petroleum or oil has also been the world’s leading source of energy since the 1950s.
Petroleum is a liquid which occurs naturally in rock formations. This consists of a complex mixture of different molecular weights of hydrocarbons, plus other organic compounds. Some petroleum-produced chemical compounds are also obtained from other fossil fuels.
Petrochemicals are produced mainly at a few manufacturing sites around the world. Petroleum is also the raw material for many industrial products, including pharmaceuticals, solvents, fertilizers, pesticides, synthetic fragrances, and plastics.