Spot on, Dooglas.
I don't think that anyone who knows how petroleum was created ever thought that the process stopped at some time in the past. On the other hand, the rate at which we are extracting it far exceeds the rate at which it is being created. Most petroleum being extracted is over 200 million years old. We have only been extracting it for about 150 years.
Earth is constantly creating new petrol reserves it's not set amount like we use to think when the thought was that the oil was coming from decaying dinosaurs.