A natural side effect of the formation of that oil is that massive accumulations of natural gas (mostly methane) also exist underground, and we are using it up an amazing rates, too. It appears that we may not use it all up for a hundred years or so.
We use these un-replacable natural resources in some pretty disappointing and wasteful ways. Our attitude seems to be "It's here, so why not use it all up. I won't be alive when it runs out!" But, hopefully, other people will be!
Around 1990, I realized an interesting situation, which seems to show promise of being a source of electricity and mechanical energy billions and possibly trillions of times the total available energy in all existing oil, gas and coal. I am bemused that so many tens of thousands of researchers struggle to find oil supplies while exactly zero are even exploring this far more vast potential source of energy.
Now say that, over a period of 1,400,000 years, the Earth's rotation somehow SLOWED by ONE SECOND per day. Instead of a day being the current 86164.09 seconds, it would then be 86165.09 seconds long, an absolutely unnoticeable effect. The kinetic energy calculation above would be the same except we would now use 86165.09 and the Earth's kinetic energy would be 2.14555960 * 1029 kg-m2/s2.
A basic law of Physics is that energy must be conserved. By slowing down by just that single second, an unnoticeable effect, and one with no consequences whatever, the Earth would have had to have given up the difference in those two energy totals, or 4.98 * 1024 kg-m2/s2, or 4.98 * 1024 Joules. A Joule is a watt-second. To convert this into kWh, just divide by 3600 seconds/hour and 1000 watts/kW or 3.6 million, and get 1.4 * 1018 kWh.
This amount of energy is the same as if a large 50 megawatt electric power generating plant operated constantly for 2.7 * 1013 hours, or around three billion years!
See my reason for fascination? If someone could figure out how to tap into this enormous energy of rotation of the Earth, to somehow convert a tiny part of it into electricity, we could totally supply all the electricity needed for all American homes for 1.4 million years while only making the day one second longer. No burning of any coal, oil or natural gas to deplete those supplies or pollute the atmosphere with their waste products and their global warming. All the known supplies of oil, coal and natural gas together will probably be used up in only around 100 years. And then what? IF somebody can figure out how to convert that rotational energy of the Earth, WOW! Even a conservative view makes clear that there are billions of times as much energy present as we could ever hope to discover in all the coal and gas and oil we will ever find.
Absolutely no one seems to even be aware of this theoretical resource! I am absolutely convinced that some practical (mechanical) mechanism can be invented to accomplish the conversion, and I have a suspicion that it will not be inordinately complex. I intend to keep trying to figure one out!
I am also certain that Euler's Equations hold the key to whatever sort of mechanism would be needed, but they become unbelievably complex for many situations.
We all know that Newton's Laws of motion apply to all objects. His laws were refined by Euler into a set of three generalized differential equations for when an object is moving in a three-dimensional motion. The three equations are of the form:

with the usual symbols for angular velocities and such. I am convinced that, for the right mechanism, the solution to this set of equations will establish the energy (production?) conversion performance. So, in my opinion, we even already have the basic equations!
This subject continues to fascinate me, even though I still have absolutely no clue!
This presentation was first placed on the Internet in November 2002.
( http://mb-soft.info/public4/index.html )
C Johnson, BA Physics, Univ of Chicago