Why do we call oil gold?

Oil is unquestionably one of this planet's raw materials. This resource is widely used in many fields, making it one of the most sought-after. So widely used in rich countries, oil has been dubbed "black gold", but why?

What does gold symbolize?

Still called the currency of the gods, gold is one of the most precious metals on planet Earth. What's more, it is used to estimate the wealth of many countries. In times of crisis, it is hoarded, as its value varies little.

Clearly, this symbol of wealth is imperishable, and has been since time immemorial. And it's interesting to note that it expresses the very best rewards. For example, the most prestigious medals are gold medals. At the Olympic Games and other sporting competitions. Gold is an imperishable symbol of wealth and prestige.

Why do we call oil gold?

On the one hand, oil is a raw material like gold. On the other hand, its discovery gave rise to a great deal of euphoria. It's not surprising to see so many objects produced from the transformation of oil. Very quickly, the great powers turned it into a currency of exchange. In this sense, oil quickly became as precious as gold.

Unfortunately, the pandemic has had a major impact on the price of this raw material. The reason for this is that consumers no longer use their means of transport. As a result, black gold is no longer as safe a commodity as gold.

What does the term "black gold" refer to?

In the expression black gold, the word black first refers to the color of oil. Secondly, it is called black because it can have a negative impact on health and the environment. It can cause fires, respiratory damage and so on. So, black gold is that dark-colored raw material that can be dangerous.

However, the true currency of the gods cannot be substituted any time soon. The current health crisis is proof of this.

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Author: Rédaction GOLDMARKET
GOLDMARKET's editorial team is made up of precious metals experts, journalists and editors with a passion for gold and the wider economy. We also bring in specialist lawyers and experts on technical subjects relating to gold.

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