I've done some reading on the theory of abiotic oil.
It seems like a fringe theory. Not accepted by large majority of scientists, inside and outside of the oil industry. Little, maybe no, clear supporting evidence.
If it is proven true, that could be good. But unwise to base current policy on hoping that a fringe theory turns out to be correct.
http://www.energybulletin.net/2423.html
Anyway, suppose that oil actually is a resource generated deep inside the earth's mantel and thus potentially re-generating? But the question would be, "re-generating over what time period?" A geologic period? Not going to be very useful to us if consumed oil is re-generated over 40 million years.