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When a well goes "dry" it does not mean that the well has ceased producing fluid. It has started to produce too much water to be economically produced. There is still a lot of oil left behind. The amount can be up to 95% of original in-place oil, usually dependent on the shale content of the rock. There is a lot of oil still to be extracted in old oil fields.
Thinking laterally, so drilling oil kind of compensates for the ice caps melting and increasing the ocean levels? As it puts water in the place of oil.... Drill for oil in the sea -> create void -> let sea water gush in and fill the void -> ocean level reduces -> burn gas -> green house effect -> Polar ice cap meltsBalance provided by nature for our drilling?