No joke! Bacteria poop crude oil! Could this be the answer??
Entire story here:
http://www.timesonline.co.uk/tol/news/environment/article4133668.ece
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Inside LS9’s cluttered laboratory – funded by $20 million of start-up capital from investors including Vinod Khosla, the Indian-American entrepreneur who co-founded Sun Micro-systems – Mr Pal explains that LS9’s bugs are single-cell organisms, each a fraction of a billionth the size of an ant. They start out as industrial yeast or nonpathogenic strains of E. coli, but LS9 modifies them by custom-de-signing their DNA. “Five to seven years ago, that process would have taken months and cost hundreds of thousands of dollars,” he says. “Now it can take weeks and cost maybe $20,000.”
Because crude oil (which can be refined into other products, such as petroleum or jet fuel) is only a few molecular stages removed from the fatty acids normally excreted by yeast or E. coli during fermentation, it does not take much fiddling to get the desired result.
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Entire story here:
http://www.timesonline.co.uk/tol/news/environment/article4133668.ece
Processes like this can produce some oil, typically only efficient at high prices. But to scale up to replace a significant portion of our oil use isn't too likely.
to OttoManD.