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Like coal or oil (5,4)

Ross

I believe the answer is:

black gold

I'm a little stuck... Click here to teach me more about this clue!

'oil' is the definition.
(I've seen this in another clue)

'like coal or' is the wordplay.
'like coal' becomes 'black' (I am not sure about this - if you are sure you should believe this answer much more).
'or' becomes 'gold' ('or' is the heraldic term for gold).
'black'+'gold'='BLACK GOLD'

Can you help me to learn more?

(Another definition for black gold that I've seen is " Oil".)

I've seen this clue in The Times and The Sunday Times.
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