Originally Posted by mb
Intellectually, I think that it is difficult to not realize the oil is an exhaustible resource unless you believe in an abiogenic origin.
However, I don't think that it is a very important factor in the current supply/demand equation.
Even the abiogenic fans have a problem, in that the rate at which trapped deep carbon deposits seep and convert to petroleum compounds must be lower than the rate at which we drill and extract oil.
If the rate were greater, we would observe that oil deposits are not depleted over time, as they would be replenished from the abiogenic seepage upward into the trapping dome structures, and we would be able to find new oil deposits as they formed, rather than having to explore at greater depths to strike oil as shallow deposits are exhausted and not renewed.
Abiogenic oil also fails to explain why we see carbon isotope ratios
indicative of biological concentration of carbon, along with helium concentrations typical of a crustal origin. That's sort of incidental to the observed mismatch between oil formation and extraction, though.