According to Business Wire, May 16 , 2008, India is the sixth largest and one of the fastest growing energy consumers in the world, with a rapidly growing economy, rising population and an expanding number of middle-class consumers. Due to limited domestic crude oil reserves, India meets about 72% of its crude oil and petroleum products (diesel, aviation fuel, etc.) requirement through imports, which are expected to expand further in coming years. In the last three years, India's oil import expenditure has nearly doubled due to the escalation in global oil prices.