Hi Craig. I’m certainly no expert, but I’ve read extensively around the issue of peak oil and resource depletion over the last decade or so. The “abiotic oil” theory (that’s the deep self replenishing stuff you write about above) is, to the best of my knowledge considered crackpot pseudoscience by most petrogeologists.
The best source of information I’ve found on this issue is Richard Heingberg. He’s been writing well researched, coherent books and essays about it for a long time. He has a website here: http://richardheinberg.com/ His book, The Party’s Over (2003) details how the issue was viewed back around the time you’re talking about.