100% certain, for a fact, that is obsidian. In terms of the red hue,
a mixture of either/or iron and magnesium giving the reddish tinge.
So it's pretty much worthless?
What were you expecting? Sell a black 'gem' on ebay for 12 grand? fat chance.
No, it's not completely useless. Give the time, patience and skill of hand, you could make your own obsidian arrowhead. If all goes well, you could thread it and have a very nice necklace for yourself or someone else.
Otherwise if that's not you, toss it. Obsidian is literally found anywhere where volcanic activity of some form has occurred, and even then it can be found outside of volcanic areas.