I've worked in the oil industry all my life. This guy doesn't know what he is talking about.

Oil is a fossil fuel.

Is it being regenerated yes, but thet time line is so long that using up existing reserves is a possibility. When I was young in west Texas / southeast New Mexico. The oil companies focuses on only producing zones that contained light sweet crude. The reason for this preference is first of all sweet crude lacks the poison gas H2S and it thus less dangerous to produce, and second it is easier and less expensive to process through the refineries. As sweet crude reservoirs depleted over the years the companies eventually were forced to go to the reservoirs contains sour crude (H2S laden crude). Those were last resort plays.

He says were are routinely drilling 30, 000 feet plus. No we are not. Most onshore plays are less then 10,000 feet deep, and the work to get those deeper plays online is more costly. The offshore plays tend to be deeper. Some of the very deepest in the old Permian Basin were at tops about 16,000 ft.

Let's address how oil is formed. It is continuously forming. This earth is about 4 billion years old. The surface crush has always been in motion with plate tetonics lifting some areas into mountains and subducting other areas. Those subducted areas, and areas were cosmic events have shoved massive amounts of dirt into the air and buried whole landscapes result in trapped carbon based lifeforms both plant and animal. They call it fossil but most of it is actually plant based and most likely the vast volume is really microscopic plants (algae). How many years do you think a subducting plate takes to get to say 5000 ft depth? Eons. During that time the carbon based material is being subjected to heat and pressure. Pressure not only from the depth of the earth over it, but also pressure from the gases being form, and the trapping of areas (reserviors) between ever compressing rock formations. As I said this has been happening on the earth for billions of years, and it is still happening, but does that rate of creation come anywhere near the rate of extraction and use?