Sixty per cent of the world's oil is in the Middle East. The price of oil and who owns it are important matters all over the world. In Canada, the federal government and the provinces have argued about the price of oil and about who should own, develop, and tax it. The same arguments occur elsewhere around the world. Advantages of oil Oil is a source of liquid fuels that are convenient to use in vehicles.
Oil is relatively abundant.
It is found in large underground deposits. Oil is relatively easy to extract and inexpensive to use. Oil is versatile. It can be made into many different fuels and other products. Oil has a very high amount of energy for its volume.