Photochemical and chemical reactions involving it drive many of the chemical processes that occur in the atmosphere by day and by night. At abnormally high concentrations brought about by human activities (largely the combustion of fossil fuel), it is a pollutant, and a constituent of smog.
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Today, about 90 percent of vehicular fuel needs are met by oil. Petroleum also makes up 40 percent of total energy consumption in the United States, but is responsible for only 1 percent of electricity generation.  Petroleum's worth as a portable, dense energy source powering the vast majority of vehicles and as the base of many industrial chemicals makes it one of the world's most important commodities . Viability of the oil commodity is controlled by several key parameters, number of vehicles in the world competing for fuel, quantity of oil exported to the world market ( Export Land Model ), Net Energy Gain (economically useful energy provided minus energy consumed), political stability of oil exporting nations and ability to defend oil supply lines.
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BP has not yet decided on a disposal method for the oil from the Deep Horizon spill, but with more than 35,000 gallons of crude recovered so far , it’s a pretty big mess to clean up.