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Why is crude oil important

It is very important for the development of a country because it makes industrialisation possible.The below mentioned fact supports it's importance:

  • 97% of the energy required for transportation is provided by crude oil. A product called Premium Motor Spirit that is derived from crude oil is essential for vehicles.
  • U.S.A. still depends on crude oil and gas for the generation of 20% of its electricity.
  • Crude oil is also essential for the production of plastics, paints, petrochemicals and synthetic fabrics.
  • The economies of several nations also depend on the export of crude oils.

 

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Crude oil,gas and condensate are among the most important energy source in the world. One thing we know for sure is that we need oil -currently around 90 million barrels of crude oil a day.Oil is used for many other purpose other than fuel for energy or transport.
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