Petroleum
Petroleum is a naturally occurring, yellow-to-black liquid found in geological formations beneath the Earth’s surface. It is commonly refined into various types of fuels. Components of petroleum are separated using a technique called fractional distillation, which separates it into fuel oil, gasoline, and other products. Petroleum (and its derivatives) are also used to manufacture plastics, asphalt, and other materials.
Uses of Petroleum
The main use of petroleum is as an energy source; it provides roughly 40 percent of the world’s energy needs. The most common forms are motor gasoline and diesel fuel for vehicles; heating oil for homes and businesses; jet fuel for aircraft; and petrochemical feedstock for making everyday items such as plastics, detergents and fertilizers. In addition to being used directly as an energy source or raw material in manufacturing processes, petroleum can also be converted into synthetic natural gas through chemical processes like steam cracking or separating out components like ethane or propane from crude oil that can then be compressed into liquefied natural gas (LNG). Other uses include lubricants such as engine oils and transmission fluids; waxes; asphalt roofing shingles; insulation foam compounds– even medicines!
Cryptocurrency & Petroleum
Recently cryptocurrency has become increasingly linked with petroleum due to its potential role in international transactions related to this commodity’s production or trading activities—particularly those involving countries subject to economic sanctions or otherwise at risk from traditional banking systems because they lack access to established payment networks like SWIFT or ACH/EFT systems. Cryptocurrencies could provide transparent accountability when financing imports/exports across national borders by avoiding counterparty risk associated with traditional financial institutions while preserving confidentiality between transacting parties without relying on intermediaries who take a cut off the top before remitting payments downstream—allowing funds settle faster than ever before possible worldwide!
