At the start of the 20th century, oil refineries focused on producing kerosene for heating and lighting. Gasoline was seen as a useless by-product and was simply burned off. Automotive pioneers like Benz and Ford saw an opportunity: using this gasoline as fuel. Today, things have flipped. Gasoline gets all the love (nearly 50% of crude oil becomes gasoline), and kerosene, the former star, has fallen way out of favor (less than 1% of crude oil now becomes kerosene).
The industry that turns raw crude into whichever end products the world demands? This brings us to the Midstream and Downstream segments of Oil & Gas, which handle the transportation, storage, refining, and sale of these various products.
This Primer is a follow-up to our foundational Oil & Gas Primer. It will explore the journey of hydrocarbons from after extraction to their many end uses, delving into the processes, economics, and industry players that drive this critical global sector.