Carbon that is trapped underground can indeed become fossil fuels. Over millions of years, organic matter accumulated on the Earth's crust is subjected to high pressures and temperatures, transforming into deposits of coal, oil, and natural gas.
Unfortunately, we are liberating millions of years of carbon in a few hundreds years by burning fossil fuels.
This is heating the planet, causing it to go from a stable system that has supported our civilisation to unstable. Food, war, extreme weather will cause Climate induced chaos. FUN TIMES!
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