I'm familiar with the theory you're speaking of, and I think that for now at least, it's just a theory, although I can see the incentive to want to believe in that particular theory. Just like the AGW people really want to believe in AGW because it already fits a worldview...
But even if it's correct in terms of how oil is generated (and it's possible since we can do it that way in the lab), that doesn't mean that we can't outpace the amount of oil generation and still run out, for all practical purposes anyway.
But we've only had a 50 year world supply of oil for over a 100 years. We are constantly finding more, and are able to refine more (the oil sands) as our technology gets better.
That said we have no practical way to replace it with our current technology and still maintain our current industrial lifestyle. So for the short term (the next 0-40 years) we better find and use all the oil we can get until at least we can ween ourselves off it.
idk what AGW is....
and i think i understand what you are saying...
something to the effect that we will outpace the ability for earth to replenish itself...
i doubt it...
