Is the earth still able to make fuel, say if the organic dies today and 10 million years later, will we get oil?
Yes. Check out "Hubbert's Peak" by Kenneth Deffeyes if you're interested in how oil forms. Put a bunch of organic matter 2 miles under the earth's crust in a place where it won't leak, seal it with a cap of salt or some such mineral, wait 10 million years, and presto! Oil. (Some oil is found at the surface, of course, but that is not where it formed.)
BTW, this is how we know we won't find huge new reserves by drilling deeper. Oil forms only at certain depths, and if the cores shows that the rock in question isn't rich in organics or was never deep enough, we know it won't contain oil. Similarly, we know that drilling deeper won't help, because any oil that sinks below the "oil window" turns into natural gas.
We can speed up the process in the lab. In fact, there's a plant that's been in the news lately that turns turkey parts into oil. But it's only energy efficient because we're raising turkeys anyway, for other reasons.
The thing about oil is that incredible amounts of energy went into making it...but we didn't have to provide that energy. It was provided by prehistoric sunshine and the forces of the earth. All we have to do is dig it up. We can make our own oil, but it's never going to provide the bounty that natural oil has.