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This letter proposes a novel extremely low frequency (ELF) radar for major oil deposits. Using our recently developed whole-Earth electromagnetic wave propagation model based upon the finite-difference time-domain method, we have determined that detection of the radial (vertical) component of the scattered H-field provides a sensitive means to detect oil fields that are located within several kilometers of the Earth's surface. As an example, we provide numerical simulations of ELF radar returns from a hypothetical Alaskan oil field excited by a 20-Hz pulse emitted from the former U.S. Navy site in Wisconsin. The proposed method would potentially provide means to rapidly and inexpensively conduct aerial surveys of thousands of square kilometers for significant oil deposits.