During the latter half of the 20th century, with advances in geophysics and geochemistry, the vast majority of scientists lined up on the side of the biotic theory. A small group of mostly Russian scientists—but including a tiny handful Western scientists, among them the late Cornell University physicist Thomas Gold—have held out for an abiotic (also called abiogenic or inorganic) theory.
While some of the Russians appear to regard Gold as a plagiarist of their ideas, the latter’s book The Deep Hot Biosphere (1998) stirred considerable controversy among the public on the questions of where oil comes from and how much of it there is. Gold argued that hydrocarbons existed at the time of the solar system’s formation, and are known to be abundant on other planets (Jupiter, Saturn, Uranus, and some of their moons) where no life is presumed to have flourished in the past.
The Abiotic Oil theory holds that there must therefore be nearly limitless pools of liquid primordial hydrocarbons at great depths on Earth, pools that slowly replenish the reservoirs that conventional oil drillers tap.
The organic theory of the origin of oil has served as a logical underpinning at the heart of the peak oil theory. It says only a finite amount of biological material was deposited in sedimentary soil capable of forming oil, so there has to be a finite amount of oil.
The abiotic theory suggests oil is formed naturally in the mantle of the earth by chemical reactions. The abiotic theory would suggest more deep-earth discoveries of oil should be forthcoming, especially with new technology to find and recover cost-effectively offshore oil.
(For more information on this theory, please googled Abiotic Oil theory and Peak Oil theory)
The abrupt increase in oil prices now is artificial and many analyst said that it is being created by oil companies and speculators to make a fast gain, and acting for their own selfish interest. Oil producing countries will be making a killing, and that includes Malaysia.
If the Abiotic Oil theory is proven true, then we can be assured that our oil reserves will be there in perpetuity. It is sad that while our country is benefiting from this saga, the rakyat is facing hardship and misery due to the incompetency of those at the helm in dealing with this short term oil crisis.
"Negara Kaya, Rakyat Miskin".