Dr. Gold strongly believes that oil is a 'renewable, primordial soup continually manufactured by the Earth under ultrahot conditions and tremendous pressures. As this substance migrates toward the surface, it is attached by bacteria, making it appear to have an organic origin dating back to the dinosaurs.'"=
Interesting, read the whole article.
I certainly have no expertise in evaluating these claims, although assuming the facts are as represented something is going on here.