Fuel oil synthesis
One of the main uses (perhaps the main use) of oil is its refinement into gasoline and diesel; it is the anticipated shortage of these transportation fuels which is driving much of the concern over the oil supply. If gasoline and diesel could be synthesized from renewable resources, this would eliminate the majority of the problem (although the environmental effects would still have to be dealt with).
Diesel has long been the subject of development efforts for renewable resources; many vehicles already run on "Biodiesel", which has been synthesized from renewable resources, or on a biodiesel-fossil mix.
Efforts are also underway to synthesize gasoline.
- Biodiesel: Wikipedia
- Jungle Rot bacteria breaks down cellulose, aiding synthesis of gasoline