Hi ankur, oil(petroleum) is one of the commercial fuel and we get it from lithosphere(soil).For the formation, from the buried ocean creatures and land animals due to natural catastrophes require millions of years.therefore, once we extract the oil from such deposits, amount is depleted and we have to wait another thousands of years for its formation.therefore it is called non renewable resource.And due to the industrialization,large usage of automobiles,our oil resources exist all over the old are depleting at faster rate.And oil and petroleum exporting countries are dominating and they determine the price of oil in the world market.Mostly developing countries like India and China need more oil to meet out their large demand(for production of electricity ;transport sector )as a result, more money is spent by them for importing fuel from countries... [continues]
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