(crude oil) is a naturally occurring liquid fossil fuel
found in rock formations
in the Earth
, consisting of a complex mixture of hydrocarbons
of various lengths. Due to its high energy density
, easy transportability
and relative abundance
, petroleum has become the world's most important source of energy since the mid 1950s. Most petroleum is used for producing gasoline
) and fuel oil
, both important primary energy
sources. Petroleum is also the raw material for many chemical
Most petroleum is extracted from oil wells found in oil fields. Although it is also possible to extract petroleum from oil shale or tar sands, both of which are known to exist in large quantities, doing so at low cost and without impacting the environment remains a challenge. The first modern oil well was drilled in 1848 in Azerbaijan, but it was the introduction of the internal combustion engine in the early 20th century that provided the demand that has largely sustained the industry to this day. The top three oil producing countries are Saudi Arabia, Russia, and the United States.
Burning oil releases carbon dioxide into the atmosphere, one of the major greenhouse gases contributing to global warming. Bioethanol and biodiesel are already used to some extent as alternatives, notably in Brazil, as are hybrid electric vehicles. Trials using hydrogen fuel are also in progress. There are further concerns about security of supply, oil price rises and whether world oil production may reach a peak, before declining, as predicted by Hubbert peak theory.
Roman Arkadyevich Abramovich
(born 24 October 1966 in Saratov
, Russia) is a Jewish Russian oil billionaire
and one of the Russian oligarchs
Between 1992 and 1995, after Soviet president Mikhail Gorbachev's 'perestroika' economic reforms permitted the opening of small private businesses, Abramovich founded five companies that eventually evolved to specialize in the trading of oil and oil products. With the approved by Boris Yeltsin, in 1995 Roman Abramovich and partner Boris Berezovsky paid $100m for a controlling interest in the major Russian Sibneft oil company, then valued at $150 million. Berezovsky subsequently sold his stake to Abramovich after fleeing to London. In September 2005 Abramovich sold his interest in Sibneft to state energy giant Gazprom for $13 billion.
Despite maintaining that his primary residence is Moscow, in 2006 Abramovich was named as the second-wealthiest person in the United Kingdom. His property investments and other assets were estimated at £10.8 billion. In June 2003, Abramovich became the owner of the companies that control Chelsea Football Club (soccer club). He also became the world's greatest spender on luxury yachts, with four boats in what the media have called the 'Abramovich Navy'.
Although he rarely visits the area, in October 2005 Abramovich was reappointed governor of the impoverished Chukotka Autonomous Okrug in the Russian Far East where he has made significant financial contributions. He was originally elected to the governorship in 1999.