Hanging In The Balance?

“There is no free market in Oil”- Peter Defazio.

In forms unbeknownst to humanity, Mother Nature is responsible for the rapid advancement of the human race witnessed in the last century. Today we are at the centre of a fierce disagreement about phasing-out fossil fuels; however, we can’t deny the fact that the discovery of oil and gas was one of the critical milestones that enabled humanity to achieve modern-era success.

Over the span of a million years, by the combination of pressure and heat, Mother Nature transformed the plant and animal remains (covered under layers of rock, sand and silt) into crude oil. As various geographies around the world had diverse flora and fauna, thus the crude oil formed was of distinct varieties.

The oil industry uses crude oil’s density and sulfur content to categorize it into various categories. The oil can be grouped by sulfur content as sweet or s…