crude oil

crude oil

crude oil: see petroleum.
Sweet crude oil is a type of petroleum. Petroleum is considered "sweet" if it contains less than 0.5% sulfur, compared to a higher level of sulfur in sour crude oil. Sweet crude oil contains small amounts of hydrogen sulfide and carbon dioxide. High quality, low sulfur crude oil is commonly used for processing into gasoline and is in high demand, particularly in the industrialized nations. "Light sweet crude oil" is the most sought-after version of crude oil as it contains a disproportionately large amount of these fractions that are used to process gasoline, kerosene, and high-quality diesel. The term "sweet" originated because the low level of sulfur provides the oil with a mildly sweet taste and pleasant smell. Nineteenth century prospectors would taste and smell small quantities of the oil to determine its quality.

Producers

Producers of sweet crude oil include:

Pricing

The term "price of oil", as used in the US media, generally means the cost per barrel (42 US gallons) of West Texas Intermediate Crude, to be delivered to Cushing, Oklahoma during the upcoming month. This information is available from NYMEX (NYMEX website) or from the US Energy Information Administration (EIA oil prices)

See also

References

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