The first of the fossil fuels on our list, crude oil is not simply a source of energy. It can also be used for:
- Petrochemicals
- Production of textiles
- Production of fertilizers
- Production of steel
- Lubricants
- Plastics
So, while green energy becomes increasingly popular, crude oil is likely to continue to be in demand for the foreseeable future.
The greatest price driver of crude oil is supply and demand, and the factors that most affect crude oil pricing are geo-political and economic developments.
