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  OIL, GAS, PETROLEUM

Indians pay four times for a litre of petrol compared to its crude price, which is only around a litre of packaged drinking water. What exactly is petroleum that we spent so much of our money on?Petroleum is used as fuel to power vehicles, heating units, and machines, as well as being converted into plastics and other materials. Because the majority of the world relies on petroleum for many goods and services, the petroleum industry is extremely powerful and is a major influence on world politics and the global economy.Petroleum is a naturally occurring liquid found beneath the earth’s surface that can be refined into fuel. Petroleum is a fossil fuel, meaning that it has been created by the decomposition of organic matter over millions of years. Petroleum is formed when large quantities of dead organisms–primarily zooplankton and algae–underneath sedimentary rock are subjected to intense heat and pressure.Other than petroleum the oil and gas industry is considered to be the biggest sector in the world in terms of financial value, the oil and gas sector is a global powerhouse using hundreds of thousands of workers worldwide and generating hundreds of billions of rupees globally each year. In regions which house the major NOCs, these oil and gas companies are so vital they often contribute a significant amount towards national GDP.The world's dependence on oil and gas is increasing as global economies and infrastructure continue to rely heavily on petroleum-based products. Discussions of when world oil and gas production will peak seem to be on the periphery, even amid a weakened global economy and the shrinking availability of oil. The oil and gas industry continues to wield incredible influence in international economics and politics - especially in consideration of employment levels in the sector, with the U.S. oil and gas industry supporting at least 10 million jobs.Sources- Various, Britannica, Wikipedia..

OIL, GAS, PETROLEUM

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