I'm terrible at predicting the future*, but here are the likely outcomes of this as I see it:
- This is a joke on that guy, and his intern is swapping out the mix with gasoline in the middle of the night.
- 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).
- 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?
- Bugs escape, mutate into a super-race of petroleum-producing foliage eaters, and turn the US into a giant flora-less oil dump.
However unlikely, I'm still hoping.
* ... except for my uncanny ability at work to predict software features 2-years out =)