The whole idea of there only being so much oil, then no more is also bull. They have detected hydrocarbon deposits on other planets, does this mean that the dinosaurs had space travel and populated other planets en masse? Not to mention that the oil we've already used can't be accounted for if every single bit of life on this planet since it began were to have been converted into oil, instead of being converted to other life, fossils, ect. On top of this, if oil were made from dinosuars then surely we'd have found deposits of it in an "in between" state, where it's not quite crude and not quite dinosaurs. And further, oil has been found (found but not drilled for) tens of thousands of feet deeper than the deepest known fossil. And still on top of this, oil fields that have been pumped dry decades ago have been found to be full of oil again. And yet more, oil has been found underneath water, when oil floats on water. How did this oil get under the water, both ground and oceanic water? We use water to float oil in the ground to recover more oil from a well. All this information comes from various sources on the internet, some of them government sites.
From all this, I have to draw the conclusion that petroleum is a naturally formed byproduct of a planetary body which means it's always being made. The whole "oil from dinosaurs" idea likely came from finding fossil debris when oil was pumped up. Some oil company exec probably realized that if they made this idea "common knowledge" that everyone would accept the idea of peak oil, oil as a limited resource, only so much to go around, ect, which is a mental price support. If it were commonly known that the planet is always making more hydrocarbons in that gigantic chemical pressure cooker we call the planet's core, and that we will not run out as long as there's still a planet Earth, then the limited resource price support would be gone and oil would be worth pennies on the dollar. Consider salt, which is very common, has been mined practically since time began, yet still sells for 89 cents a pound in the grocery store. Most of that cost is the cost of extraction, packaging, transportation and profit. If oil were to sell the same way, ie for the cost of extraction, processing, transportation and profit, then the actual cost would be some 20-30 dollars a barrel even today.
I know I'll be zinged for this, but I'd be willing to bet that the price of oil is about to hit a peak, and the bubble will break like it did for the dot coms and the telecoms. Wall Street has learned of the bubble and has figured out that they can make tons of dough by picking one of the services and products most needed by people, then running it to the moon. Once the price is way, way up there, they can sucker in small investors to get in on the boom, then pull the supports out from under them. I look for this to take place towards the end of next year, maybe the start of the following year. Before pulling oil down, I see them hyping the ethanol crops, quickly followed by a federal reversal on ethanol requirements, which will cause the corn to fall, with oil right on its heels. Wish I knew what the next bubble was going to be because now would be the time to be accumulating it.