I was listening to a podcast that was talking about the world oil supply and became curious about where does oil come from. A quick stop at wikipedia.com to search for crude oil turned up the top two theories.
The old theory is that oil comes from organic sources that require a lot of time and pressure. This article from http://www.astronomycafe.net sums up the common thinking. Using this theory oil you can see where the thought that oil is a limited resource and can not be replaced vary quickly so looking for an alternative energy source would be a good idea.
The new theory suggests that large amounts of carbon exist naturally in the planet, some in the form of hydrocarbons. Deep microbial lifeforms convert them into the various hydrocarbon deposits. Here are a couple of articles that support this idea: The mystery of Eugene island 330 and Gas Origin Theories to be Studied. Using this theory you arrive that oil is a self renewing resource.
It should be interesting to see how this plays out over the next few years.
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