Energy sources can be divided into two major groups- renewable (an energy source that can be easily replenished) and nonrenewable (an energy source that we are using up and cannot recreate). We get most of our energy from nonrenewable energy sources, which include the fossil fuels – crude oil, natural gas, and coal.
Crude oil is a vital source of energy for the world and will likely remain so for many decades to come. It is used to produce fuel for transportation, for power generation and to produce many other industrial fuels. Most countries are significantly affected by developments in the oil market, either as producers, consumers, or both. India being a growing economy and a major consumer plays an important role in crude oil market.
Natural gas is also used for transportation, electricity generation or residential/industrial heating but is a much cleaner source of energy than oil or gas. Natural gas is gaining a significant share in India’s energy mix to reduce dependence on oil and coal.