Legal Definitions - depletion

Definition: Depletion is when a natural resource, like oil, is being used up. It is the process of emptying, exhausting, or wasting a finite resource.

For example, if a company is drilling for oil and they are using up all the oil in a particular area, that is depletion. The company may get a tax deduction for the amount of depletion because they won't be able to make money from the resource once it's gone.

Another example of depletion is when a forest is being cut down faster than it can grow back. This can lead to the depletion of the forest, which can have negative effects on the environment and the animals that live there.

Depletion is a serious issue because once a natural resource is gone, it's gone forever. It's important to use resources responsibly and find ways to conserve them for future generations.