It has long been established thought that oil is a fossil fuel. That is, oil comes from ancient plant and animal life that has been transformed by time, heat and pressure into oil. Well, it turns out that the only scientific evidence for this theory is the presence of fossilized microbial life in oil.
It seems that there is a competing theory about the nature of oil, and it accounts for the presence of these life forms. This theory is that oil is produced continuously deep beneath the Earth's surface, and constantly rises to resevoirs near the surface. There, colonies of microbial life develop, similar to the ones that develop around the hydrothermal vents deep in the ocean. In both cases these life forms feed of the hydrocarbons and don't require light or oxygen.
It turns out that the Soviets had been researching this new theory for decades during the Cold War, and it is now beginning to develop support in the West. If this theory is true, we will never run out of oil...it is truly a renewable resource.