What is crude oil and what are petroleum products?
Crude oil is a mixture of hydrocarbons that formed from plants and animals that lived millions of years ago. Crude oil is a fossil fuel, and it exists in liquid form in underground pools or reservoirs, in tiny spaces within sedimentary rocks, and near the surface in tar (or oil) sands. Petroleum products are fuels made from crude oil and other hydrocarbons contained in natural gas. Petroleum products can also be made from coal, natural gas, and biomass.
Products made from crude oil
After crude oil is removed from the ground, it is sent to a refinery where different parts of the crude oil are separated into useable petroleum products. These petroleum products include gasoline, distillates such as diesel fuel and heating oil, jet fuel, petrochemical feedstocks, waxes, lubricating oils, and asphalt.
A U.S 42-gallon barrel of crude oil yields about 45 gallons of petroleum products in U.S. refineries because of refinery processing gain. This increase in volume is similar to what happens to popcorn when it is popped.
What are petroleum products, and what is petroleum used for?
Petroleum products include transportation fuels, fuel oils for heating and electricity generation, asphalt and road oil, and feedstocks for making the chemicals, plastics, and synthetic materials that are in nearly everything we use. Of the approximately 7.21 billion barrels of total U.S. petroleum consumption in 2016, 47% was motor gasoline (includes ethanol), 20% was distillate fuel (heating oil and diesel fuel), and 8% was jet fuel.
Source EIA – https://www.eia.gov/tools/faqs/faq.php?id=41&t=6
A partial list of products made from Petroleum (144 of 6000 items)
One 42-gallon barrel of oil creates 19.4 gallons of gasoline. The rest (over half) is used to make things like:
|Solvents||Diesel fuel||Motor Oil||Bearing Grease|
|Ink||Floor Wax||Ballpoint Pens||Football Cleats|
|Bicycle Tires||Sports Car Bodies||Nail Polish||Fishing lures|
|Cassettes||Dishwasher parts||Tool Boxes||Shoe Polish|
|Motorcycle Helmet||Caulking||Petroleum Jelly||Transparent Tape|
|CD Player||Faucet Washers||Antiseptics||Clothesline|
|Percolators||Life Jackets||Rubbing Alcohol||Linings|
|Skis||TV Cabinets||Shag Rugs||Electrician’s Tape|
|Tool Racks||Car Battery Cases||Epoxy||Paint|
|Mops||Slacks||Insect Repellent||Oil Filters|
|Roofing||Toilet Seats||Fishing Rods||Lipstick|
|Denture Adhesive||Linoleum||Ice Cube Trays||Synthetic Rubber|
|Speakers||Plastic Wood||Electric Blankets||Glycerin|
|Tennis Rackets||Rubber Cement||Fishing Boots||Dice|
|Nylon Rope||Candles||Trash Bags||House Paint|
|Water Pipes||Hand Lotion||Roller Skates||Surf Boards|
|Shampoo||Wheels||Paint Rollers||Shower Curtains|
|Guitar Strings||Luggage||Aspirin||Safety Glasses|
|Combs||CD’s & DVD’s||Paint Brushes||Detergents|
|Anesthetics||Artificial Turf||Artificial limbs||Bandages|
|Dentures||Model Cars||Folding Doors||Hair Curlers|
|Cold cream||Movie film||Soft Contact lenses||Drinking Cups|
|Fan Belts||Car Enamel||Shaving Cream||Ammonia|
Ranken Energy Corporation offers direct oil and gas investment opportunities that enable investors to participate in the potential cash flow and the unique tax benefits associated with oil and gas investments. Investing in oil and gas is highly speculative and could result in substantial losses. The information contained in this website is for informational purposes only and is not a solicitation to buy or sell any securities. Information on this site is not intended to be used as investment or tax advice. Consult your investment advisor or tax advisor concerning the current tax laws and effects on your personal tax situation.