oil industry

The oil industry involves exploring, extracting, refining, and selling petroleum and its products. Companies search for underground or underwater oil reserves using specialized equipment. Once found, oil is drilled and brought to the surface, then processed in refineries to produce fuels like gasoline, diesel, and jet fuel, as well as products like plastics and chemicals. The industry plays a vital role in global energy supply, influencing economies and geopolitics. It is complex, involving technical, environmental, and economic factors, and faces ongoing transitions toward renewable energy sources.