Question

Petroleum is also called _____
Options-
A.Burning oil
B.Liquid gold
C.Liquid coal
D.None of the above

Answer 1

Hint: Petroleum is a conventional source of energy and is widely used as a fuel in many industries and automobiles. The name associated with petroleum is associated with the physical state in which it is found and its economic value.

Complete answer:
Petroleum is a fossil fuel that is made inside the earth’s crust by the decomposition and degradation of dead and decaying matter under the drastic conditions of extremely high temperature and pressure.
The rate at which petroleum is formed is very slow and it actually takes millions of years for the formation of petroleum yet its rate of consumption is very high which makes it a non-renewable and exhaustible source of energy.
Petroleum is also sometimes referred to as crude oil and is commercially available in the liquid state. The wide variety of industrial applications, the dependence of many countries on fossil fuels like petroleum to meet their basic energy demands (developing as well as developed countries) and the high costs associated with it, makes petroleum an extremely valuable and economically important fuel.
Gold being a rare and precious metal is extremely valued and high priced, similarly petroleum is compared to gold due to its cost and versatile usages.

\[ \Rightarrow \] Hence, petroleum is referred to as liquid gold and option (b) is correct.

Note:
Petroleum extraction and the availability of petroleum is not an equally accessible option for all the nations. Some gulf countries that have a rich supply of fuels establish a monopoly which leads to a rise in the prices of the crude oil in the international market.