Water isn't being produced all around us because the hydrogen and oxygen are present in stable form.
Water molecule is produced when the unstable hydrogen reacts with unstable oxygen because they are very reactive. Due to their reactive nature, hydrogen and oxygen react with each other forming water molecule. So that's why we can say that water is not being produced around us due to stable form of hydrogen and oxygen.
So we can conclude that Water isn't being produced all around us because the hydrogen and oxygen are present in stable form.
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