What If Oil Reserves Were Unlimited?

Oil comes from dinosaurs, right? So it's a finite resource that must be tightly managed, right?

What if this were wrong? What if oil were regenerating, endless, primordial? Check this out:

Eugene Island is an underwater mountain located about 80 miles off the coast of Louisiana in the Gulf of Mexico. In 1973 oil was struck and off-shore platform Eugene 330 erected. The field began production at 15,000 barrels a day, then gradually fell off, as is normal, to 4,000 barrels a day in 1989, Then came the surprise; it reversed itself and increased production to 13,000 barrels a day. Probable reserves have been increased to 400 million barrels from 60 million. The field appears to be filling from below and the crude coming up today is from a geological age different from the original crude, which leads to the speculation that the world has limitless supplies of petroleum. ...

The Eugene Island phenomenon is so interesting that the Department of Energy and several oil biggies funded a $10 million study of it:

This work began about the time 3-D seismic technology was introduced to oil exploration. Anderson was able to stack 3D images resulting in a 4D image that showed the reservoir in 3 spatial dimensions and enabled researchers to track the movement of oil. Their most stunning find was a deep fault at a bottom corner of the computer scan that showed oil literally gushing in. "We could see the stream," says Andersen. "It wasn’t even debated that it was happening."

Where is the oil gushing in from? Some think it's a material created with the formation of the earth that picks up bacteria on its way to the surface. These bacteria led scientists to assume it comes from decaying dinos and ferns.

Some Russian scientists reportedly are moving away from the oil-is-from-dinos school, but the idea that oil actually may be a greenie-whacking unlimited resource hasn't been given much credibility by the scientific community ... yet.

H/t Lew Rockwell, via Greenie Watch