Untreated oil stains will deteriorate your asphalt pavement. Your pavement is made up of sand and aggregates which are held together by a binder called asphalt pavement. Oil will dissolve the binder, causing raveling to occur. In cases where the oil stain has been untreated for a while, the top of your asphalt pavement may become soft.
It's always best to treat oil stains as soon as possible. The longer the stain is left on top your pavement, the more it will become saturated into the asphalt, causing the pavement to deteriorate quickly.