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The chemical processes used to heat crude oil and separate it into gasoline, diesel, jet fuel, and asphalt.

Specialized tank farms and underground storage facilities hold crude oil and natural gas to balance fluctuations in supply and demand. Downstream (Refining and Marketing) Oil 101 Pdf E-books Download

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Crude oil in its raw form is practically useless. Oil refineries are complex chemical processing plants that heat and split crude oil into distinct products based on their boiling points. This process (distillation) yields gasoline, diesel, jet fuel, heating oil, and asphalt.

Not all oil is the same. Markets use standard benchmarks to price oil based on its quality (density and sulfur content). The two most famous are Brent Crude (the international benchmark) and West Texas Intermediate (WTI) (the US benchmark).