I don’t know if the report is true or not, but it is sure interesting. Nothing would please me more if, in the near future, we could tell the Middle Eastern countries and other oil producers to go soak there heads. “Jihad” would dry up within 5 years if the money flow stopped.
Also interesting is a theory I heard about which questions our long held assumptions (going back to the 1700’s) concerning the origin of petroleum under the earth’s surface. It seems the idea that oil is produced from the decomposed remains of organic life from millions of years ago is being doubted by some people. Oil is being found at depths within the earth which are far, far below any level containing any fossil record.
Some people think we may have been vastly mistaken in our assumptions regarding the original source of the oil and we actually don’t know where it came from. If so, it may be that oil is produced by a process which is still on-going, and it may not be an exhaustible resource at all.
Not true. All oil in production is source from sedimentary rock.
Don't get your hopes up. We buy most of our oil from Canada and Mexico, anyway. The Chinese and Indians will be buying all that Middle Eastern oil. The Saudis probably wouldn't even miss our not buying any.
Some people think we may have been vastly mistaken in our assumptions regarding the original source of the oil and we actually don’t know where it came from. If so, it may be that oil is produced by a process which is still on-going, and it may not be an exhaustible resource at all.
That's the abiotic theory. The Russians are leading proponents and have apparently made some significant finds in areas where oil should not be found using biotic theory.
The jury is still out on this one, but it would make things very interesting if true. Do a web search on "abiotic oil" and you should find plenty of information.