Open AccessAn analysis on the ever increasing demand of crude oil and energy in the country and its impact on the Indian economy
Author(s) -
Sumanta Bhattacharya
Publication year - 2021
Publication title -
international journal for research in applied science and engineering technology
Language(s) - English
Resource type - Journals
ISSN - 2321-9653
DOI - 10.22214/ijraset.2021.38961
Subject(s) - diesel fuel , production (economics) , renewable energy , natural gas , fossil fuel , natural resource economics , business , agricultural economics , government (linguistics) , crack spread , crude oil , environmental science , economics , economy , waste management , petroleum engineering , engineering , linguistics , philosophy , electrical engineering , macroeconomics
We require ample amount of crude oil and natural gas for a number of activities starting from industrial to mining , from the production of plastic and running of vehicles and cooking gas . India because of its minimum production and maximum dependency on import, Indian citizens have to pay more price of 1 litre of petrol or diesel in India , with 85% imports , the economy of India is at risk. The government has allowed more drilling and exploration to increase the production and reduce the imports, it has allocated billions for LNG , Natural gas production with FDI is allowed 100% . The government has announced new project for oil and natural gas production . India needs to reduce its import along with that with adopting of non renewable energy our dependences of crude oil will also reduce , with rising demand , India will be the largest consumer of crude oil by 2040 , so along with production we need to adopt sustainable living and reduce our depends on crude oil for reduce the impact of climate change , all measure have been taken to eliminate the use of crude oil for a number of products , so soon India will be able to minimize its production rate and import . Keywords: Crude oil, natural gas, LNG, petrol, diesel, fossil fuels, non renewable energy, consumer, production