More Good News 

First there was the news about shale-oil... now here's an interesting article from WorldNetDaily:

Analysis of seismic recordings revealed the presence of a "deep fault" at the base of the Eugene Island reservoir which was gushing up a river of oil from some deeper and previously unknown source.

Similar results were seen at other Gulf of Mexico oil wells. Similar results were found in the Cook Inlet oil fields in Alaska. Similar results were found in oil fields in Uzbekistan. Similarly in the Middle East, where oil exploration and extraction have been underway for at least the last 20 years, known reserves have doubled. Currently there are somewhere in the neighborhood of 680 billion barrels of Middle East reserve oil.

Creating that much oil would take a big pile of dead dinosaurs and fermenting prehistoric plants. Could there be another source for crude oil?

An intriguing theory now permeating oil company research staffs suggests that crude oil may actually be a natural inorganic product, not a stepchild of unfathomable time and organic degradation. The theory suggests there may be huge, yet-to-be-discovered reserves of oil at depths that dwarf current world estimates.

If true, this would be a total reversal of conventional wisdom that some day, we'd just run out of oil. It doesn't look like wishful thinking either. The article goes on to describe some very compelling arguments for this new theory. It also points out some interesting facts about the old theory as it relates to known evidence that makes the old theory of unrenewable oil look more like wishful thinking among environmentalists.

H/T to VodkaPundit who said:

In any case, it's comforting to know when I'm stuck in a wheelchair (or in the ground), my grandkids will probably still have the option of buying giant cars with massive V-8 engines.

On a somewhat related note, Jane Galt points out the obvious math when it comes to explaining why hybrid cars don't sell well, and why we still enjoy guzzling gas.