There is some relatively new sciece out about the origins of oil and natural gas.

ScienceDaily (Sep. 12, 2009) — Researchers at the Royal Institute of Technology (KTH) in Stockholm have managed to prove that fossils from animals and plants are not necessary for crude oil and natural gas to be generated. The findings are revolutionary since this means, on the one hand, that it will be much easier to find these sources of energy and, on the other hand, that they can be found all over the globe.
“Using our research we can even say where oil could be found in Sweden,” says Vladimir Kutcherov, a professor at the Division of Energy Technology at KTH.
Together with two research colleagues, Vladimir Kutcherov has simulated the process involving pressure and heat that occurs naturally in the inner layers of the earth, the process that generates hydrocarbon, the primary component in oil and natural gas.
According to Vladimir Kutcherov, the findings are a clear indication that the oil supply is not about to end, which researchers and experts in the field have long feared.
He adds that there is no way that fossil oil, with the help of gravity or other forces, could have seeped down to a depth of 10.5 kilometers in the state of Texas, for example, which is rich in oil deposits. As Vladimir Kutcherov sees it, this is further proof, alongside his own research findings, of the genesis of these energy sources – that they can be created in other ways than via fossils.

Well isn’t that interesting. So called fossil fuels may not be from fossils after all.
That would tend to confirm the work of Thomas Gold and Freeman Dyson:
The Deep Hot Biosphere : The Myth of Fossil Fuels
What other findings do we have that might add further confirmation? There is some other work done in Sweden.

When Gold proposed this theory in the early 1980s, few scientists took him seriously. However, he did persuade the Swedish State Power Board to drill into a slab of granite fractured by an ancient meteor impact. Since oil is supposed to be found only in sedimentary rocks, it was a good test of Gold’s theory. If gas is coming up from deep in the Earth, it might be expected to accumulate beneath the dense granite cap, and migrate slowly up through any fissures, perhaps turning into oil or tar. In the event, the prospectors did strike oil – about 12 tons of it. This was not enough to make the well commercially successful, but it did confirm that Gold was on to something.
It was not the Swedish oil that proved the most significant discovery though. Mixed in with the sludge at the bottom of the well, at a depth of over 6 km, was a large quantity of magnetite – a reduced form of iron oxide often associated with bacterial activity. After further investigation, Gold announced to the world that life exists not only on the surface of our planet but, in microbial form, deep inside the crust too.

Ah but that is not all.
There seem to be more than a few oil wells in the world that refuse to run dry.

Mystery in the Gulf
In 1973 oil was discovered in the Gulf of Mexico approximately 80 miles south of Louisiana known as Eugene Island 330. Producing 15,000 barrels per day, it was thought the well had seen better days when in 1989 its output dropped to 4,000 barrels per day. In 1990 the production of the well increased to about 13,000 barrels daily and has held steady. Although its output has slightly dropped it still refuses to run dry.
Want a Refill – Is That Possible?
Scientist working at the site discovered two important changes in the oil properties. Its age was was more recent than in previous years and its temperature was hotter. Using 3-D seismic technology scientist found a deep fault at the bottom of the well. What they saw startled, intrigued, and forced them to rethink the origins of oil. What they clearly saw was a deep fault gushing oil and refilling the well. There was no debate about it.
Mystery in the Mideast and Elsewhere
It’s been said that the Mideast oil was a finite resource and could last 40 or 50 years at best. Yet over the past 25 years, reserves have more than doubled. With no new wells geologist have been hard pressed to explain why and it appears there is no end in sight. These fields have been methodically exploited since the first gusher was discovered. Today, OPEC is pumping over 30 million barrels of oil per day.
Cook Island in the Gulf of Mexico and oil fields in Uzbekistan are other examples of wells that refuse to dry out. Many wells around the world are refilling.

Peak oil? I dunno. Maybe not.
And then there is the biology of the Gulf of Mexico. We hear a lot about killer oil spills. But what if oil is life? Here is an article about all the oil seeping out of the gulf of Mexico.

The discovery of abundant life where scientists expected a deserted seafloor also suggested that the seeps are a long-duration phenomenon. Indeed, the clams are thought to be about 100 years old, and the tube worms may live as long as 600 years, or more, Kennicutt said.
The surprises kept pouring in as the researchers explored further and in more detail using research submarines. In some areas, the methane-metabolizing organisms even build up structures that resemble coral reefs.
It has long been known by geologists and oil industry workers that seeps exist. In Southern California, for example, there are seeps near Santa Barbara, at a geologic feature called Coal Oil Point. And, Roberts said, it´s clear that “the Gulf of Mexico leaks like a sieve. You can´t take a submarine dive without running into an oil or gas seep. And on a calm day, you can´t take a boat ride without seeing gigantic oil slicks” on the sea surface.
Roberts added that natural seepage in places like the Gulf of Mexico “far exceeds anything that gets spilled” by oil tankers and other sources.
“The results of this have been a big surprise for me,” said Whelan. “I never would have expected that the gas is moving up so quickly and what a huge effect it has on the whole system.
Although the oil industry hasn´t shown great enthusiasm for the idea — arguing that the upward migration is too slow and too uncommon to do much good — the search for new oil and gas supplies already has been affected, Whelan and Kennicutt said. Now, companies scan the sea surface for signs of oil slicks that might point to new deposits.

Well what do you know. Look for an oil slick, find oil.
If you do some searching around on your favorite search engine you can find lots more of this stuff. Which made me think of the Firesign Theater Album: Everything You Know Is Wrong.
Peak oil? Probably more like peak hysteria. Well it used to sell newspapers. Today? Not so much.
Cross Posted at Power and Control