Oil and natural gas touch our lives in countless ways every day. Together, they supply more than 60 percent of our nation’s energy. They fuel our cars, heat our homes and cook our food. oil and natural gas also help generate the electricity that powers our daily livesOr that crude oil supplies the building blocks for everything from dent-resistant car fenders to soft drink bottles to camping equipment
The oil and natural gas industry is one of the world’s largest industries. Its revenues are large, as are the costs of providing consumers with the energy they need.
The oil and gas industry includes the global processes of exploration, extraction, refining, transporting (often by oil tankers and pipelines), and marketing petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum (oil) is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, and plastics. The industry is usually divided into three major components: upstream, midstream and downstream. Midstream operations are usually included in the downstream category.
Oil & Gas is vital to many industries, and is of importance to the maintenance of industrial civilization in its current configuration, and thus is a critical concern for many nations. Oil accounts for a large percentage of the world’s energy consumption, ranging from a low of 32% for Europe and Asia, to a high of 53% for the Middle East.
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