Generally, the deeper you go, the more likely the hydrocarbons are to be natural gas, not oil. As it gets hotter and deeper, even that is cooked off and what is found is mostly carbon dioxide or hydrogen sulfide.
That's my main objection to the theory that oil or gas is oozing up from deep inside the earth. It's too hot for it to exist there in the first place.
I could accept a theory that at least some of the natural gas is methane which is being spun off of the hotter earth material, but I think oil is a much harder sell.