This document discusses the oil price and its impact. It begins by outlining the importance of oil and its many uses. It then discusses the economics of oil supply and demand and how they are inelastic, leading to large price fluctuations. It outlines some major oil price benchmarks and describes key oil producing and consuming countries. The document then analyzes how volatility in oil prices impacts both global and Indian economies. It concludes by discussing India's vision for increasing energy self-sufficiency and alternative energy sources that may play a larger role in the future.