Review:
Petroleum Industry
overall review score: 3.5
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score is between 0 and 5
The petroleum industry is a sector of the economy that involves the exploration, extraction, refining, and marketing of oil and gas products.
Key Features
- Exploration
- Extraction
- Refining
- Marketing
Pros
- Vital source of energy for transportation, heating, and electricity generation
- Creates jobs and stimulates economic growth
- Supports many related industries such as shipping and petrochemicals
Cons
- Contributes to environmental pollution and climate change through carbon emissions
- Dependence on finite fossil fuel resources
- Geopolitical volatility can affect prices and supply