Gas industry in the context of "Petroleum product"

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⭐ Core Definition: Gas industry

The petroleum industry, also known as the oil industry, includes the global processes of exploration, extraction, refining, transportation (often by oil tankers and pipelines), and marketing of petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, synthetic fragrances, and plastics. The industry is usually divided into three major components: upstream, midstream, and downstream. Upstream regards exploration and extraction of crude oil, midstream encompasses transportation and storage of it, and downstream concerns refining crude oil into various end products.

Petroleum is vital to many industries, and is necessary for the maintenance of industrial civilization in its current configuration, making it 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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Gas industry in the context of Public utilities

A public utility company (usually just utility) is an organization that maintains the infrastructure for a public service (often also providing a service using that infrastructure). Public utilities are subject to forms of public control and regulation ranging from local community-based groups to statewide government monopolies.

Public utilities are meant to supply goods and services that are considered essential; water, gas, electricity, telephone, waste disposal, and other communication systems represent much of the public utility market. The transmission lines used in the transportation of electricity, or natural gas pipelines, have natural monopoly characteristics. A monopoly can occur when it finds the best way to minimize its costs through economies of scale to the point where other companies cannot compete with it. If the infrastructure already exists in a given area, minimal benefit is gained through competing. In other words, these industries are characterized by economies of scale in production. Though it can be mentioned that these natural monopolies are handled or watched by a public utilities commission, or an institution that represents the government.

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LINKED FROM (PARENTS)
← Public utilities ← Public utility ← Gas utilities ← Utilities ← Utility company
LINKS TO (CHILDREN)
Oil and gas reserves and resource quantification → Hydrocarbon exploration → Extraction of petroleum → Oil refinery → Petroleum transport → Oil tanker → Pipeline transport → Downstream (petroleum industry) → List of crude oil products → Fuel oil → Gasoline → Petroleum → Petrochemical → Pharmaceutical drug → Solvent → Fertilizer → Pesticide → Aroma compound → Plastic → Upstream (petroleum industry) → Midstream → Downstream (petroleum industry) → Oil terminal → Petroleum product → Civilization → Energy consumption →