The oil industry encompasses all activities related to exploration, extraction, refining, production, distribution, and sale of petroleum products such as crude oil and gasoline.
Related terms
OPEC (Organization of Petroleum Exporting Countries): A group of countries that collaborate to regulate oil production and stabilize prices in the global market.
Petrodollar: Refers to the revenue generated from the sale of oil, often used by oil-exporting countries for economic development or international investments.
Renewable energy: Energy sources such as wind, solar, or hydroelectric power that do not deplete natural resources and have less impact on the environment compared to fossil fuels.