Politics and Money

[ICEQUITY]

The US Energy Information Administration (EIA) credits fossil fuels for bringing about “one of the most profound social transformations in history.”

Of the fossil fuels, none has had a more far-reaching effect on society than oil. Oil, in all its forms, is the “transportation fuel” that makes all modern modes of transportation possible and moves both people and goods around the world. Once the products of refined crude oil came into widespread use, the US, along with most of Europe and Japan, was transformed from an agrarian, subsistence and hand-to-mouth society for all but a few to an industrial society in which many shared a better life within a few decades.
Today, the most common products derived from oil are found in the energy sector: gasoline, heating oil, aviation fuels and diesel fuel. Oil is also the key ingredient in tens of thousands of consumer goods, including ink, plastic, dishwashing liquids, crayons, eyeglasses, deodorants, tires, ammonia, and heart valves. Each 42-gallon barrel of oil typically yields these refined products (percent of barrel):

44.2% gasoline for use in automobiles
27.8% heating oil and diesel fuels
22.2% other products, including those derived from petroleum for the manufacturing of chemicals, synthetic rubber, and plastics.
9.6% jet fuel
2.7% asphalt

http://www.instituteforenergyresearch.org/energy-overview/fossil-fuels/