Let me toss in some refinery chemistry. The GTL process converts natural gas to modern synthetic oils. When you buy synthetic oil, it was most likely was made by dealing with catalysts and fractionalizing natural gas to produce oil (yes, this is an oversimplification, but the full text would take two pages and encompass about 3600 patents).
And yes, back in the days natural gas was treated like a waste product from oil wells and was burned off at the site.
So, as long as we are using natural gas, we will have accesss to very high quality (high purity) synthetic oils, which outperform lubricating oils refined from crude oil.
*This includes the Mr. Wizard science moement for the day*