Will the price of oil drop like a stone when people find out that it is abundant?Watch
The idea that oil is made out of fossils was made up by the Rockefellers in order to make it sound rare. Oil consists of Carbon, Hydrogen and Oxygen but that does not make it a 'fossil fuel'.
You are quite right. All you need to do is pop to spar, buy charcoal, leave it out in the air (which has oxygen and hydrogen in it) and after 2 days it becomes crude oil. All this expensive oil exploration rubbish is an elaborate conspiracy.