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Nature
Petroleum sometimes individuals called it as fossil fuel or crude oil. Fossil fuels are those organic material that have been converted from their original form by physical and chemical processes within the Earth’s crust into a solid mineral state(coal), a liquid (petroleum), or a gas (natural gas).

Process
If these substances are completely burnt or oxidated when used as fuel, the outputs are CO2, H2O & heat energy. These cannot be reconstituted into organic substances without either elaborated deduction in a chemical laboratory or the natural photosynthetic processes of green plants. Thus, combustion destroys fossil fuels or petroleum as useful energy sources. Fossil fuels are also used for the purposes other than fuel. Coal and petroleum are used industrially for the manufacture of wide variety of carbon-comprising material, such as medicines, plastics, synthetic fibers and food.

Current Scenario
On the basis of existing cognition of the amount of fossil fuels in the Earth’s crust, it has been predicted that the availability of petroleum and natural gas could be greatly consumed within a century if used at the rates anticipated. Although coal supplies are greater, projected rates of use show that they cannot be expected to be easily available for more than a few centuries. These anticipations can be changed, of course, if rates of use change, which is expected to happen with, for instance, the further emergence of renewable energy resources.

Importance
The rectified products got from the processing of petroleum or crude oil such as gasoline, diesel fuel, kerosene, heating oil, etc. We find petroleum products in every area of our daily lives. They are easily distinguished in the gasoline such as petrol or diesel which we use to fuel our cars and the heating oil we use to warm our homes. Less obvious are the uses of petroleum-based components of plastics, medicines, food items, and a host of other products as we notedreferred earlier. Let’s have a look on only United States which takes over 20 million barrels (840 million gallons) of petroleum products each day, almost half of it in the form of gasoline used in over 200 million motor vehicles with aggregative travel over 7 billion miles per day. From this we can understand how much petroleum products used each day all over the world.

Effects on Financial Condition
As we know the importance of petroleum products which is very essential for everyday life for every people, the prices of petroleum products acts a very important role in a financial conditions of any state or country. Some important reasons are –
1) Poor citizens use kerosene for lighting intention, which is a requirement for those who do not have access to electrical energy.
2) Another reason is to provide merit goods to citizens such as clean cooking fuels like natural gas, LPG and kerosene to replace use of biomass-based fuels such as firewood and dung. These biomass based fuels bring out indoor air pollution that causes respiratory diseases, eye infections and result in many premature deaths, in particular of lady and children.
3) Transportation of goods mostly depends on the prices of petrol and diesel so any change in the price means change in the price of each and every material or product.
4) These are the few important reasons there are many reasons behind it which can affect the financial condition.

Effects on Nature
As people from all over the world using petroleum products in the form of gasoline, medicines, fertilizers, plastics and in so many other form or materials, this materials helped people but at the same time there is a trade-off. Petroleum products and petroleum production causes air and water pollution. If drilling is not carefully regulated, it may disturb ocean environments and fragile land. Transporting oil may endanger wildlife or sea life if it’s spilled on rivers and oceans. Cars or vehicles combusts gasoline as fuel which also pollutes the air. Even motor oil disgorged from the car can pollute streams and rivers.
Example: Currently oil disgorged near Mumbai seacoast which problems the ocean life as well as the environment.