Petroleum is often referred to as "Liquid Gold" due to its scarcity and diverse range of uses.

Scarcity: While petroleum is found in various parts of the world, it is not an infinite resource. The extraction of oil from the Earth is a finite process, and as oil reserves are gradually depleted, it becomes scarcer and more challenging to access. This scarcity adds to its value, similar to precious metals like gold.

Diverse Use: Petroleum is incredibly versatile and is used for a wide range of applications. It is the primary source of fuel for transportation, including gasoline and diesel for cars, trucks, and airplanes. It is used for heating and electricity generation. Additionally, petroleum serves as a feedstock for the production of various petrochemical products, such as plastics, chemicals, and synthetic materials. Its role in modern life is so pervasive that it's challenging to imagine an industry that doesn't rely on petroleum in some form.

THEREFORE THE CORRECT OPTION IS [1].