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304 bytes added, 02:53, 7 June 2017
'''Petroleum''', named for "rock oil", " is a [[fossil fuel]] usually found deep within the [[earth]], although some deposits are very close to the surface.
It is a heavy dark [[liquid]], consisting of many different [[hydrocarbon]] [[chemical compound|compound]]s. Wells are drilled deep in to the ground, and the crude oil is extracted and [[distillation|fractionated]] into its components by volatility in an oil refinery. Recent advances in drilling technology have enabled deeper and more difficult wells to be succesfully successfully drilled, allowing previously inaccessable inaccessible reserves to be tapped.
Some As of June 6, 2017, crude oil was trading at about $48 a barrel, which is a relatively low inflation-adjusted price for the main products distilled from last decade. Twenty years ago, in late 1998, crude oil are:briefly fell to prices much cheaper than its market price today.
==Petroleum products==Some of the main products distilled from crude oil are shown in the table below. The following table<ref>Stainforth, J., Nourse, R. & Nosiara, M., 2007, ''Basin Oriented Geology - Petroleum Systems Module Course Manual''.</ref> compares the qualities of various types of petroleum:
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Creationary geologists believe that petroleum was formed from organic material buried during the [[Great flood|Noachian flood]].
Recently, researchers have shown that natural gas can form rapidly,<ref>O’Donnell, E. 2005. “Rocks into Gas.” Harvard Magazine 107, no. 4.</ref>, and that some is still being formed.This gives support to the creationary view. If this research is supported it would refute the idea that fossil fuels are diminishing.{{fact}} It has also been posulated that oil and natural gas are formed continuously by an abiotic process, deep inside the earth.<ref>Gold, Thomas (1999). The deep, hot biosphere. Copernicus Books</ref>. These petroleum products constantly migrate from deep in the earth to the earth's crust where they can be effectively mined .<ref></ref>. If this hypothesis is supported by further evidence, the notion of petroleum as a limited resource would be refuted.
The idea of abiogenic petroleum generation is, however, not supported by science and applications of this theory have yet to yield petroleum in any significant quantities.
The top five exporting countries accounted for 64% of United States crude oil imports in February 2009 while the top ten sources accounted for 84% of all U.S. crude oil imports. The top sources of US crude oil imports for February 2009 were Canada (1.913 million barrels per day), Mexico (1.219 million barrels per day), Saudi Arabia (1.099 million barrels per day), Venezuela (0.960 million barrels per day), and Angola (0.671 million barrels per day).
Canada remained the largest exporter of total petroleum in February, exporting 2.512 million barrels per day to the United States. The second largest exporter of total petroleum to the United States was Mexico with 1.364 million barrels per day. <ref>[ Crude Oil and Total Petroleum Imports Top 15 Countries], Energy Information Administration, April 30, 2009</ref>
<center>'''Crude Oil Imports for the United States (Top 15 Countries)'''</center>
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==External links==
* [ "What is in a Barrel of Oil?"]
[[Category:Investments in Tangibles]]
[[Category:Systems of Support]]
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