Oil a Renewable Resource?

We have always believed oil to be a finite resource. According to standard geological theory, oil was created millions of years ago by decaying fossils, accumulated in underground pools, and has largely been used up over the last 150 years. Humanity must soon develop alternate energy sources, because when oil runs out, we could be in for a bumpy ride.

But what if all this is wrong, and oil is actually a renewable resource? That's the theory expounded by Dr. Jerome Corsi in his book Black Gold Stranglehold (co-writtten with Craig Smith) and in a series of articles for WorldNetDaily.com.

Corsi believes instead in abiotic oil theory, the hypothesis that oil is continually created in the ground. This, he explains, is why despite so much consumption during the past century, the world's proven oil reserves have risen today to record levels.

Could Corsi really be onto something? His evidence is quite convincing, based both on observed and mathematical data. (See his articles for some explanations.) At the same time, however, his theory does contradict a century of geological thought, and the rising oil reserve levels could just be a result of better discovery methods.

Nevertheless, Corsi does bring up many valid supporting points, and any scientific theory (even a century-old geologic one) always risks being supplanted by something newer and better.

Persuasive evidence exists both for and against his position, so perhaps the best we can say is that the jury's still out. But this theory should certainly be investigated quickly, as its confirmation would quickly change the balance of power among the world's energy players.

Imagine if the U.S. had abundant, renewable oil right inside its borders. That'd mean an end to energy policies based on oil scarcity, permanently low prices at the pump, no more oil renvenues heading to terrorist-sponsoring nations, and no need to continually appease corrupt and unelected Middle Eastern dictators. If Corsi's theory is correct, all of the above could quickly come to pass.