What does O&G mean in ACADEMIC & SCIENCE

Oil and gas refer to natural resources that are found beneath the earth's surface. Petroleum (oil) is made up of liquids that are naturally occurring within the earth, while natural gas consists of fossilized remains of both plants and animals.

The majority of oil is used as a fuel source (e.g., gasoline or diesel), but it also has other uses such as heating homes and fueling engines in trucks, ships, planes and locomotives. It is also used to manufacture products such as lubricants, plastics, dyes, detergents and synthetic fibers.

Natural gas is primarily used as a fuel source (e.g., propane or methane). Additionally, it can be utilized to generate electricity when burned as a result of combustion. It can also be processed into liquid form for shipping purposes or liquefied natural gas (LNG).

Oil and gas are essential components for many industries such as energy production (e.g., petroleum refining), transport (e.g., vehicle manufacturing), agriculture (e.g., fertilizers) and pharmaceuticals (e.g., medicines). Additionally, these commodities are heavily utilized in various sectors of industry like construction materials production/processing, steel manufacturing/fabrication, paper production/packaging, chemical production/formulation etc.

The prices of both oil and gas have been known to fluctuate over time due to changes in global supply & demand forces; increases or decreases in price can significantly impact the performance of economies worldwide by influencing inflation rate & employment rate amongst other macroeconomic factors.