Dig For Oil On A City Street, why not?

My question stems from the lyrics to a once-popular song. Now, has anyone ever considered to look for oil deposits under the streets of our fair cities? Sure, you have your water tables, soils tables, and such…but just how far down have these studies bothered to look? Especially coastal cities, wouldn’t they be possible candidates?

I know this sounds absurd, but how do we know for sure?

I believe there are oil wells on the lawn of the state capital of Oklahoma. One would assume there’s oil beneath the streets there, too.