This patent application is to use dynamic electromagnetic wave reflection and refraction methods for prospecting for oil directly. The available geophysical methods including the most used seismic reflection method are all prospecting for oil indirectly, viz., aiming at finding the geological structures and stratigraphic traps, etc. The high contrasts of electric permittivity between oil cord the surrounding geological formations of rocks including gas, water (fresh and salt), on the other hand, make it possible to use the dynamic electromagnetic wave reflection and refraction methods for prospecting for deep seated oil directly.