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But you need it to make plastic, sulfuric acid and organic crystal. All important for yellow science.
You can also convert it to hydrogen and graphite
When you first start doing refining you will end up with a massive surplus... You COULD dump it into Thermal Generators and burn it for power... But I recommend save & stockpile it.
Once you hit Yellow Cubes you actually do start burning through it pretty fast for alot of things to the point that you will probably want to be set up to burn off extra hydrogen rather than the oil.
EDIT: Also get the Vertical Construction techs... they let you stack storage boxes & tanks on top of eachother... Makes the capacity of your oil storage go up alot without having to make the field of tanks really big.
But you can burn it in a thermal
You wouldn't yet have unlocked X-ray Cracking (convert refined oil into energetic graphite for red science) or Polymer Chemical Engineering (convert refined oil into organic crystals).
You could have already researched Basic Chemical Engineering, which would let you convert it into sulfuric acid and/or plastic; but you don't have a need for those yet either.
Admittedly, this surplus of refined oil should be short lived, but it is a brief phase in the early game.