Oil and Gas, the World's Biggest Global Commodity

Oil is the world's biggest global commodity and its main function is in transport, secondarily as a chemical feed stock. Gas is less commonly used for heating or for electricity generation. The difference is crucially to do with chemical composition. They're very different beasts chemically, but also in terms of their density. So there is effectively one global market for oil, one big pool of oil. And you can tell this because the price of oil in the united states doesn't fundamentally differ from the price of gas where else in the world. But we are years away from that being a reality - so infor structures will have to be built to make it more on the global market.