The Russian theory of oil is different than the western theory. They believe that petroleum is formed from primordial methane left from the formation of the planets. When there is an impermeable underground structure like a salt dome, methane gathers under it for millennia and gradually transforms into petroleum. Search on "abiogenic petroleum" if you're interested.

The implication is that there's probably a near infinite supply of oil if you can drill deep enough to find it. If true, we need to think carefully about pollution, since we can make an infinite supply of waste gasses.