Long version
Longer summary of the documentary:
How is oil formed?
CO2 concentration up
Here’s what happens: Periods of high volcanic activity lead to high CO2 concentrations in the air (more than 4-5 times that of pre-industrial revolution). High levels of CO2 lead to high temperatures which lead to high levels of evaporation which in turn leads to an increase of heavy rains (global greenhouse climate event).
Nutrients and oxygen use
Heavy rains result in swollen rivers and erosion, leading to an increase in nutrients in the seas and oceans. Nutrients are food for plankton so increasing this leads to plankton blooms. Plankton usually stays in the upper layers of the sea, but when plankton dies it sinks to the depth of the ocean. There, bacteria reduce it (break it down) and while doing that, these bacteria use oxygen.
Stagnation of oceans
Normally, cold water (which is heavier than warm water) sinks to the depths of the ocean. Now, cold water contains more oxygen than warm water, so this cold water would replenish the oxygen levels in the depths of the seas.
However, remember that because of the increased CO2 in the atmosphere (due to volcano activity), the global temperature has risen resulting in a global greenhouse climate event. High temperature means melting of polar ice. Less ice and therefore more dark water means less sunlight reflection and more sunlight (and warmth) absorption causing icecaps to melt even quicker.
So, there is no cold, oxygen rich water anymore that can sink to the depths of the seas. A near global stagnation of oceanic water will be the result. Now the oxygen that has been used up by bacteria to decompose the dead plankton will not be replenished anymore. An anoxic layer (=layer without oxygen) extends further and further upwards to the surface of the seas. The dead plankton will no longer be decomposed.
Dead seas
Waters without oxygen are unsuitable for most organisms except for organisms such as purple sulfic bacteria which do not decompose organic matter (some form of photosynthesis takes place in these bacteria) and which produce hydrogen sulfide. This is toxic and together with the anoxic circumstances, it will make living for most marine organisms impossible and they will die. Oceans will become warm, stinking pools of dead.
CO2 concentration down
However, the more CO2 is being used by plankton and then buried in a muddy layer at the ocean floors, the less is available in the atmosphere. This decrease in CO2 level in the air results in lower temperatures, the forming of polar ice and ultimately back to the “normal” situation of land, seas and atmosphere. This takes about a quarter of a million years.
The layer of muddy, non-decayed organic plankton matter is the basis of oil. This will, over millions of years, slowly turn into oil under the right circumstances.
What is happening right now?
Since the industrial revolution, we’ve been producing CO2 in high quantities. Oil, which contains the enormous amounts of CO2 from that former global super greenhouse climate event, is being burned and this CO2 is released in the air again. Temperatures are rising, ice is melting, a lot of nutrients are deposited in the oceans due to erosion and dumping sewage water and other products in our rivers and seas.
Basically, the human species is single-handedly (and with enormous speed) working on recreating exactly the right kind of circumstances for new oil to be created again. However, these circumstances are not the right circumstances for humans to live in: high levels of CO2, high temperatures, toxic, smelly, dead seas, lots of tropical storms and disturbed ecosystems all over the world.
What can we do about it?
We need to decrease the amount of CO2 in the atmosphere, and we need to do this now. How? Stop using fossil fuel and start using renewable energy. Solar energy, wind energy, wave energy, electric vehicles, and less energy consumption are a good start.
Less energy consumption is something you can start doing right now. Turn off the lights in rooms you are not in. Close doors to keep the heat (or cold, depending on where you are) in. Don’t leave the heating system or A/C system on unnecessary. Use a bike, public transportation and your feet more often to get you where you want to go. Don’t use the ‘standby’-option of your tv, radio, microwave, etc…
Those are all really small things, which will benefit you financially as well.
Break this oil-cycle!
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