Oil, the blood of dinosaurs?
That was the name of a song by a group whose name I forgot from the early 90s.
It comes from rotted plant material heated under pressure, last I heard it was from algae in them ancient seas.
An interesting theory, however, proposes that it's actually just a common form of liquid carbon, not decayed plants brewed in deep pressure under the earth. It points to the fact that oil is usually found where continental plates meet or other areas of thin crust, and the fissures plus pressure and heat cause an upwelling of it.
There thus maybe a lot more off it deep under crusts.
Guess all we gotta do is dig. Deep.