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| | Petroleum - Encyclopedia.WorldSearch (Site not responding. Last check: 2007-11-05) |
 | | Petroleum (from Latin petrus – rock and oleum – oil), mineral oil, or crude oil, sometimes colloquially called fl gold, is a thick, dark brown or greenish flammable liquid, which exists in the upper strata of some areas of the Earth 's crust. |
 | | Generally the first stage in the extraction of crude oil is to drill a well into the underground reservoir. |
 | | Wet oil is normally bought and sold via bilateral deals between companies, typically with reference to a marker crude oil grade that is typically quoted via the pricing agency Platts, for example in Europe a particular grade of oil, say Fulmar, might be sold at a price of "Brent plus US$0.25/barrel". |
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