I am be wrong, but I think that there are some updated theories that oil is a byproduct of process that take place deep within the earth, and it get pushed up between the rocks. Large deposits of oil have been found by analyzing rock formations. I haven’t kept up with the latest however.
Theories about abiogenesis have been around a long time.
Two of many articles above. But watch out - this slays another cow held sacred by the manmade global warming true believers.
I believe the russsians are at the vanguard in this type of exploration. I read somewhere that oil is created deep in the earth and is constantly replenishing itself. What may be running out is cheap cheap recoverable oil. Follow the ruskies on this.