7. Crude Oil
Crude Oil is naturally occurring hydrocarbon deposits in mass quantity. It is unrefined petroleum product and later refined to diesel, gasoline and other chemicals. It is extracted from underneath the land surface and then refined in refineries. They are then exported via pipelines to the consumers. Crude Oils are often termed as ‘Black Gold’. The export of petroleum to other countries has had significant improvement on countries economy of this nation.
The main source of crude oil is found to be located in Middle Eastern nations and Venezuela. It is because of the Crude Oil sources that has brought drastic changes in the nation like United Arab Emirates, Saudi Arabia, Qatar, etc. It wasn’t long ago when these nations were just deserts and now they are the central part of world economy. You know it’s a huge thing for the people in the third world countries because these nations (golf countries) have with them the employment opportunities.
6. Brent Oil
Brent oil is becoming popular with the rise in demand of oil in the world. After crude oil, it is also the most traded commodity in the world. Brent oil is commonly used in European countries and in Africa in comparison to the use of crude oil. The Brent oil is generally extracted from Norway and from the North Sea. The importance and preciousness of crude oil has had significant affect on the demand of the Brent oil. It has gained a lot of attention and now it is one of the most traded commodities nowadays. The benchmark set by the Brent oil is such that the price of the crude oil is determined with comparison to the price of it proves the importance of it cannot be neglected.
5. Natural Gas
Natural gases are non renewable sources. United States, Russia and Canada are the largest producer of the natural gas. Despite many efforts to consume other renewable resource, the immense use of it for daily purposes in every house hold chores is a serious concern. Household chores like cooking, heating and lighting are some of the way of using these sources. Despite the fact that, the production of it measures 3 trillion cubic meters the immense use of it nearly 25 % of energy consumption overshadows the production. And the demand of it, since last 2 decade has risen staggeringly, thanks to all the modern utilities that a twenty first century person uses.
In relation to save these sources many other alternate ways like solar and wind energy has been discovered but they still have long way before coming into daily routine. But then, it has been studied that the demand for the natural gas will keep on rising and is expected to rise by 80 % by 2050. As it takes a thousand of years to prepare fossil fuels and gases, it is limited in amount. Hence, has to be used properly.
Gold! I mean who doesn’t love gold? It could be different if you are the one to pay for it? We can understand that it does have certain value when measured but moreover it provides that extra factor that your body is seeking. The different designs of it such that nobody can deny to it. It was gold that made today’s Australia. Australia was considered as a prison that British would use to impose a lifetime imprisonment to the culprits of crime. But after the discovery of gold and the fact that a lot of gold mines exist in Australia, it made Australia much more attractive place for livelihood. Such is the power of gold! Since the beginning of time, gold holds a key part of tradition. Many ornaments have been in existence and they were preciously preserved and they value much more when measured in monetary term. Gold is often termed as hard currency.