There are many types of "OIL". If the fossilization process yielded oil, I am sure every pond in the world should have some type of oil deposit within the first few feet of muck or oil slicks floating to the surface. Now rotting matter producing gas is observable and might very well be something that we are releasing via fracking. Many ponds across the world located in or on top of deep shale deposits, exhibit the signs of gas contamination and even have surface gas escaping the water that lights on fire given lightning or a nearby flame.
Lon Chaney Jr.
"was as an actor who had spent his life chasing the fame of his father"
died at 67