Bugs that excrete petroleum?

According to this site, yes. Supposedly they're planning for large-scale production in 2011, and "oil" could be back to $50/barrel soon thereafter.

I'm terrible at predicting the future*, but here are the likely outcomes of this as I see it:

1. This is a joke on that guy, and his intern is swapping out the mix with gasoline in the middle of the night.
2. The bug excrement by-products are horribly toxic and prohibitively expensive to deal with so the project gets shut down by environmentalist lawsuits (or PETA cries cruelty to genetically corrupted insects).
3. Chevron funds the guy (go big oil!), then redirects his team to a "more promising" technology that takes 20 years to discover is a dead end. What bug-excrement project?
4. Bugs escape, mutate into a super-race of petroleum-producing foliage eaters, and turn the US into a giant flora-less oil dump.

Note that none of my likely outcomes involves bug excrement ending up in my gas tank.

However unlikely, I'm still hoping.

---

* ... except for my uncanny ability at work to predict software features 2-years out =)