A large number of materials are manufactured using crude oil and natural gas. These substances are called petrochemicals. They are widely used in the manufacture of various cleansing agents, fibers plastics, etc. Fertilizers such as urea are manufactured by the hydrogen gas liberated from natural gas. Due to its huge spectrum of important applications, crude oil is also known as black gold.
As both Coal & Petroleum handles lot of money so they called as Black Gold. Crude oil comes out of the ground as black, so it is called as black gold.