Using Mutant Bacteria to Poop Oil

From Popular Mechanics: "Looking way beyond ethanol, scientists have zeroed in on 2010 or 2011 for the zero-emissions magic to start happening: a genetic transformation from bug juice to eco-friendly hydrocarbon power—the production-ready designer fuel to end high gas prices for good."

Supposedly one of the companies involved believes that they would be "competitive" at $50/barrel oil - which means it's already economically efficient. Thankfully, it doesn't depend on corn based ethanol (Seattle PI). The days of high energy prices are numbered... though I'm not willing to make a short term bet that they won't go up further from here.

Update: Related topic - the strategy adopted by those concerned about high prices is bizarre given that many are also against finding new domestic US sources of oil/energy. Don Surber (h/t Instapundit): "Slap a dollar-a-gallon tax on residents of any coastal state that bans drilling in the Pacific or Atlantic, and give that money to people who live within a mile of a coal-fired power plant."