Heating oil is refined from Crude Oil. The process involves separating, converting and treating the oil to transform it into more useful products including for consumer use. Having been transported from its source and taken through a refinery process, the Kerosene Oil which arrives at your home has already been on a lengthy journey.
But have you ever wondered where your domestic heating oil comes from? Or just how far down some companies have to drill for crude oil? It really is quite staggering! Over the years, companies all over the world have had to go further and further into the earth in order to find Earth’s remaining oil and today we are drilling deeper than ever.
In this piece, we’ll be looking at the Z-44 Chayvo Well as an example. This is the deepest oil well on the planet. We’ll show you comparisons so you can see clearly just how amazing this feat is. We will also show you the depth of this well in comparison to the earth’s core. How close does this drill actually get?
Finally, we will outline just how much it costs to pull off the deepest ever crude oil extraction. This is a contributing factor when it comes to the price of the heating oil you buy for your home.
What Affects Oil Prices?
Oil comes from sources all over the world and goes through a costly extraction, transportation and refinery process. Prices fluctuate regularly as there are many factors which affect the cost of oil. The Organisation of the Petroleum Exporting Countries (OPEC) work to stabilise the global oil prices and maintain a regular supply. Other external factors such as global politics and conflict, exchange rates and weather can also affect the price. You can also view recent price trends and read more about UK heating oil prices here.