I live in a town that once had hundreds of active oil wells. In the mid 90s to early 2000s all but a handful of the wells were shut down because they were thought to be empty - plus the cost of pumping was becoming to expensive. Turns out 20 years later the wells have all filled up again and oil companies are applying for special permits to pump from them. The land the wells sit on was converted to a preserve so the oil companies can’t just come in and drive heavy trucks around and set up massive equipment. Now they are going to the expense of drilling sideways from other locations to gain access.
Oil is a naturally replenishing resource. Basic math. The center of the earth is a massive ball of molten liquid and a very slow, very indirect byproduct of that molten core is oil. Some areas of the globe have easier access to that oil than others.
I live in a town that once had hundreds of active oil wells. In the mid 90s to early 2000s all but a handful of the wells were shut down because they were thought to be empty - plus the cost of pumping was becoming to expensive. Turns out 20 years later the wells have all filled up again and oil companies are applying for special permits to pump from them. The land the wells sit on was converted to a preserve so the oil companies can’t just come in and drive heavy trucks around and set up massive equipment. Now they are going to the expense of drilling sideways from other locations to gain access.
Oil is a naturally replenishing resource. Basic math. The center of the earth is a massive ball of molten liquid and a very slow, very indirect byproduct of that molten core is oil. Some areas of the globe have easier access to that oil than others.