The term 'IT CAN BE REFINED' can be solved by the crossword solution of 'OIL'. OIL is a naturally occurring, yellow-to-black liquid found in geological formations beneath the Earth's surface. It is a fossil fuel which consists of a complex mixture of hydrocarbons of various molecular weights, plus other organic compounds. OIL is extracted from the ground and then refined to produce a variety of products, such as gasoline, diesel, and jet fuel.