[audunw]

I figure the mid-term goal should be to end up only refining oil for jet fuel and petrochemicals. So either the products have to be converted (as others have explained) or burned in a power plant. We will need more energy for all those electric vehicles after all, so more oil burning power plant may be needed in the transition.

Long term goal is of course to not extract oil at all, but some products will be hard to replace without radical new technologies.