Well in fact about 85% of it is just burned as fuel.
But according to the Daily Caller website, “A mere 46 percent of oil is used to make gasoline, while the rest goes to help make a variety of other useful products. The other 54 percent of oil is used to make most over-the-counter medicines, various cleaning products, some rubber, tons of cosmetics, many lubricants and most of the world’s asphalt. Virtually all plastic, and every product made from or containing plastic, ultimately comes from oil. Out of every 42-gallon barrel of oil, 22.6 gallons is used to make products other than gasoline.”
But by priming the reader to make a false assumption, that quote is in fact a lie (since despite the long list provided, most of those “other useful products” are also fuels – and are not included in the list)
Checkout this pie chart
Source: Oil refinery – Wikipedia
In fact, according to the British Plastics Federation “In Europe, it is estimated that between 4–6% of oil and gas is used for producing plastics. By contrast, 87% is used for transport, electricity and heating — meaning it is simply burnt and lost.” (ie converted to CO2 in the atmosphere)