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There are approximately 326 million trillion gallons of water on the Earth. Water is a constant moving cycle and there is a lot of it on the Earth. The mountains under water are just land masses that have been covered by the water.
Well there is nothing that "fuels" the water cycle since we have been recycling the same water for billions of years. You could say that the sun keeps the water cycle moving however.
New water comes from under the crust of the Earth. It escapes mainly through hydrothermal vents in the sea floor. ------------------------------------------------ There is a water cycle on earth that takes wet sediments deep into the mantle to be re heated and circulated back up as new sea floor. This is where the water in hydrothermal vents originates - it is NOT new water. However, there remains a possibility that some of the water emerging from the mantle has been there since the formation of the earth so some of it MAY be 'new'.
Mars, Because they found water like flow patterns like found on Earth, Water is an essential ingredient for life.
In 1966 J. Tuzo Wilson proposed that there has been a continuous series of cycles of continental rifting and collision. That is, break-up of super-continents, drifting and collision and formation of other super-continents.