Here's an overview of the scientific theory that oil deposits are continuously generated from methane by heat and pressure deep within the Earth's crust. If this theory is true, it would mean that there is essentially an unlimited supply of the stuff, and would confirm that the "peak oil" story is bunk.

"There are a number of observations across the oil-producing regions of the globe that support this theory... In his 1999 book, "The Deep Hot Biosphere," Dr. Gold presents compelling evidence for inorganic oil formation. He notes that geologic structures where oil is found all correspond to "deep earth" formations not the haphazard depositions we find with sedimentary rock, associated fossils or even current surface life...Even more intriguing is evidence that several oil reservoirs around the globe are refilling themselves."

See: Chris Bennett article (2004-05-25)