If PETM was due to large scale use of hydrocarbons, there should be evidence of depletion in the strata, right? For example, currently not all sources are uniformly exploited -- some coal seams and oilfields are all but depleted, others are currently being extracted, and others are yet to be found/exploited.
We should have seen signs of similar non-uniform usage in the strata from before that time period. I wonder if any research has been done on this.