Why is oil so important today? Oil is extremely important today because it powers many things that we use in our everyday life. The first website below explains that our world would almost come to a halt without oil! Oil is used in many products. Some of those products include farm fertilizers, plastic toys, cosmetics, detergents, nylon clothing, and more. It also powers vehicles and can generate electricity. Some may ask, “Why is oil called black gold?”. The answer is it’s value. Oil is worth a lot of money and could make your whole family rich if you discover some oil or have some underneath your land. Oil became popular because people found out that it could power so many things and it grew in value and popularity. Oil started becoming popular in America when the Spindletop geyser was discovered and the industry grew from there. The United States is one of the top oil producers so we produce almost 40% of our own oil and import the rest from countries like Canada, Arabia, Mexico, Nigeria and Venezuela.