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Crude oil is a naturally-occurring substance found in certain rock formations in the earth. To extract the maximum value from crude, it needs to be refined into petroleum products. The best-known of these is gasoline, or petrol. Others include liquefied petroleum gas (LPG), naphtha, kerosene, gas oil and fuel oil. Oil wells are used to release the oil from within the earth.
petroleum, rock oil (mid-14c. in Anglo-French), from Medieval Latin petroleum, from Latin: petra : rock + oleum : oil. ) is a naturally occurring, yellow-to-black liquid found in geological formations beneath the Earth 's surface, which is commonly refined into various types of fuels.etroleum is used in manufacturing a wide variety of materials, and it is estimated that the world consumes about 90 million barrels each day. Concern over the depletion of the earth's finite reserves of oil, and the effect this would have on a society dependent on it, is a concept known as peak oil.