Sep 29 is special, Liveankit's day 4..

September 29 is a special day for liveankit, As i have been celebrating dis day as my Dad's Birthday .. Yes, its my dad's Birthday today, Liveankit has associated you with new feature, the Crude Oil Prices,well , we keep on talking about the crude oil prices, This gadget would allow you to track regular changes in crude oil prices.. Today , apart from my stories, i'll discuss on crude oil prices...

As the day was special , it started with the call of a homo sapien called KING OFAMBALA... Few of my readers dont know, but most of us know , who m i talking about, I can bet with u, on a single interaction with him, u'll be his fan, His favourite word is " CULT".. u know why??  because he is a league of his own, no replication to style,temperament and attitude.He is a cult person, everything is different, at times i just become a fan of his style.. Technically, he is the best business man i have ever met, he has got the potential to be DHA..(look on internet for expanding DHA)... 

King of ambala is now a blogger too(KOA)... I still remember ,it was summers 2005 ,when i first met KOA, He is in light of everyone from day 1, One person in orange T shirt, looking here and there for Syllabus (which is always in need of), sincere looking boy wearing spectacles, one of the most famous persons of the town...in the first look , i couldnt find a boy more sincere than him, i just had a full focus on him, fullday.. pata nahi i wrote management notes tht day or not, but i m sure i could have prepared notes on his activies..(Kiddin...) , KOA is loved by everyone because he is genuinely a great person,a transperant boy who takes everything seriously, holds one of the finest blend of quality features...

Second much avaited decision is tht i have decided to reduce the xtraa pounds in me... dontworry nt goin on hunger strike, plannin to burn bit of energy in Gym..!! 

After a set of NO USE GOSSIPS, lets talk abt the core topic , the crude oil prices... 

What exactly crude oil is ? 

• Crude oil is a naturally-occurring substance found in certain rock formations in the earth. 
  
• It is a dark, sticky liquid which, scientifically speaking, is classified as a hydrocarbon. 
• This means, it is a compound containing carbon and hydrogen, with or without non-metallic elements such as oxygen and sulfur. 
  
• Crude oil is highly flammable and can be burned to create energy. Along with its sister hydrocarbon, natural gas, derivatives from crude oil make an excellent fuel.
  

Measurement of Crude Oil 

• Crude oil is measured in barrels. 
  
• When crude oil first came into large-scale commercial use in the United States in the 19th century, it was stored in wooden barrels. 
• One barrel equals 42 US gallons, or 159 litres. 
• In some cases crude oil is also measured in tons. 
• The number of barrels contained in each ton vary depending on the type and specific gravity of each crude, however the average number considered would be around 7.33 barrels per each ton.
  

Proven Crude Oil Reserves

• World proven crude oil reserves are estimated at slightly more than 1.2 trillion barrels, of which OPEC Member Countries hold approximately 78 per cent.
  
• OPEC's Members in 2007 produced around 32.1 million barrels per day of crude oil, or 44.9 per cent of the world total output, which stood at about 71.5 million barrels per day.
• At the rate of production in 2007, OPEC crude oil reserves are sufficient to last more than 80 years.
  

Uses of Crude Oil

Burning crude oil itself is of limited use. To extract the maximum value from crude, it first needs to be refined into petroleum products.  The best-known of these is gasoline, or petrol. However, there are many other products that can be obtained when a barrel of crude oil is refined. These include liquefied petroleum gas (LPG), naphtha, kerosene, gasoil and fuel oil. Other useful products which are not fuels can also be manufactured by refining crude oil, such as lubricants and asphalt (used in paving roads).  A range of sub-items like perfumes and insecticides are also ultimately derived from crude oil. Considering the vast number of products that are derived from it, crude oil is a very versatile substance. Life as we know it today would be extremely difficult without crude oil and its by-products. The Term OPEC is .... The Organization of the Petroleum Exporting Countries (OPEC)  It is a permanent intergovernmental organization, currently consisting of 13 oil producing and exporting countries, spread across three continents America, Asia and Africa.  The members are Algeria, Angola, Ecuador, Indonesia, the Islamic Republic of Iran, Iraq, Kuwait, the Socialist People’s Libyan Arab Jamahiriya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates & Venezuela. These countries have a population of more than 600 million and for nearly all of them, oil is the main marketable commodity and foreign exchange earner.  Thus, for these countries, oil is the vital key to development – economic, social and political. Their oil revenues are used not only to expand their economic and industrial base, but also to provide their people with jobs, education, health care and a decent standard of living. Next Post is ... Crude oil Prices... Stay connected and add comments...