Quasars are believed to still exist in the universe, but they are not found locally, with the nearest being about 780 million light years away. They are powered by gas and dust falling into massive black holes, and once these materials are depleted, quasars cease to exist and become normal galaxies. Current models suggest that quasar populations increase with redshift, indicating they were more common in the early universe. The energetic nature of quasars requires abundant fuel supplies, which are not present in nearby galaxies. Thus, while quasars may still exist, they are not observable in our immediate cosmic neighborhood.