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petroleum (n.)

early 15c., "petroleum, rock oil, oily inflammable substance occurring naturally in certain rock beds" (mid-14c. in Anglo-French), from Medieval Latin petroleum, from Latin petra "rock" (see petrous) + oleum "oil" (see oil (n.)). Commercial production and refinement of it began in 1859 in western Pennsylvania, and for most of the late 19th century it was produced commercially almost entirely in Pennsylvania and western New York.

Petroleum was known to the Persians, Greeks, and Romans under the name of naphtha; the less-liquid varieties were called [asphaltos] by the Greeks, and bitumen was with the Romans a generic name for all the naturally occurring hydrocarbons which are now included under the names of asphaltum, maltha, and petroleum. The last name was not in use in classic times. [Century Dictionary, 1895]
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petro- (2)
word-forming element used from mid-20c. to mean "of or having to do with petroleum products," from petroleum.
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petrol (n.)

"gasoline, refined petroleum used in motor-cars," 1895, from French pétrol (1892); earlier used (1580s) in reference to the unrefined substance, from petrole "petroleum" (13c.), from Medieval Latin petroleum (see petroleum).

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OPEC 
initialism (acronym) for Organization of Petroleum-Exporting Countries, founded 1960.
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Vaseline (n.)

1872, trademark for an ointment made from petroleum and marketed by Chesebrough Manufacturing Co., coined from German Wasser "water" + Greek elaion "oil" + scientific-sounded ending -ine. Robert A. Chesebrough was of the opinion that petroleum was a product of the underground decomposition of water.

The name is of mixed origin, being derived from Wasser, water, and elaion [Greek in the original], oil (water-oil), and indicates the belief of the discoverer that petroleum, the mother of Vaseline, is produced by the agency of heat and pressure from the carbon of certain rocks, and the hydrogen of water. [The Monthly Review of Dental Surgery, February 1877]
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STP (n.)
commercial motor oil additive, probably an initialism (acronym) of scientifically treated petroleum. As the street name of a type of psychedelic drug, attested from 1967.
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oil-well (n.)

"a boring in the earth made for petroleum," 1847, from oil (n.) + well (n.).

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benzine (n.)
original name of benzene (q.v.). By 1864 as the name of a different substance, a colorless liquid obtained from the distillation of petroleum.
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petrochemical (n.)

"chemical compound or element obtained from petroleum or natural gas," 1942, from petro- (2) + chemical (n.).

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Qatar 

peninsula-state in the Persian Gulf, probably from Arabic katran "tar, resin," in reference to petroleum. The Romans knew it as Catara. Related: Qatari.

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