Oil: Abiotic or Not?

One of the more interesting ongoing debates in energy circles is whether or not the crude oil that we pump out of the ground and refine into diesel, gas and a myriad of other petroleum-based products is a finite resource (created from fossilized forests that existed eons ago) or whether the Earth creates it, making it a renewable resource.

The arguments for can be found in a few spots - including FromtheWilderness.Com and EnergyBulletin.net.

It's an interesting argument, but I think what we must do is take a closer look at the groups promoting the idea of abiotic oil - it's the oil companies, gang. Think about it - if we start focusing heavily on alternatives to oil for our energy supplies, who is going to get hurt the most? The companies that rely on the sale of oil. who, for the most part, control a huge sector of our economy and our government (see George W. Bush and Dick Cheney).

Even if oil is an abiotic fuel, what is the rate of creation? Are we using up oil at a rate faster than the earth is creating it?

Wikipedia has an interesting entry on this debate, and time will tell, but what I believe will happen in the future - if the oil powers start getting nervous, there will be an increase in stories promoting the abiotic theory in the news. More blame will be placed on the environmental activists, and they'll be blamed for the lack of new refineries and exploration. As is the nature of politics and power, the problem never lies with us, it's always them.

A quote from the linked story:

The president says part of the answer is greater domestic production, and he is criticizing opposition Democrats for not allowing companies to drill for oil in the Alaska National Wildlife Refuge. He also wants more offshore drilling, more nuclear power and more U.S. refineries.

Meanwhile, the president's and vice president's friends in the energy sector pull down record profits with a depressed dollar. When the dollar goes back up, their windfall's will be magnified accordingly.