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Yes very much but the proper technology is also needed for it and well crude oil is also called black gold due to its cost.

Yes, crude oil is essential for our development process in a country because of the following reasons–i) Most of the industries and factory depend on crude oil.ii) 97% of energy required for transportation provided by crude oil.iii) There are also many product such as diesel, jet fuel, LPG, kerosene etc, that we get from crude oil.and it is essential for development.