Crude Oil

Crude oil means unrefined oil taken from the ground before it is processed into fuels and other products. In simple terms, crude oil is raw oil used to make gasoline, diesel, jet fuel, and many chemicals. Crude oil is important because its price can affect energy costs, transportation, inflation, company profits, and global markets. When crude oil prices rise, fuel and shipping costs may also rise. For example, oil producers extract crude oil, and refineries process it into gasoline and other fuels. Crude oil is not the same as gasoline. Crude oil is the raw material, while gasoline is a refined product made from it.