Definition: Oil Industry
Oil provides fuel that supplies two fifths of the world's energy needs - via power generation facilities. Oil is refined, processed into gas and petroleum products for use in power generation, manufacturing and travel. Oil is also refined into feed stocks that chemical and petroleum industries process further into modern day essential chemicals and industrial products.
Heavily compressed hydrocarbon residues - wood-based then coal, from millions of years ago and at depth beneath earth surface have broken down into a combination of thick "crude" oil and gas. An exploration industry, extraction (drilling) and processing present products available for industrial use to the world market.
With new oil fields sought by smaller exploration companies. The major companies; ExxonMobil, Chevron, Texaco, British Petroleum with Amoco and ARCO as BP, ConocoPhillips seek to coordinate extract, process and market petroleum and gas products into industry.
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