Peak Oil will not happen - thanks to a bug

Using genetically modified E. coli, these small biological wonders eat biomass (such as woodchips) and excrete crude oil. From the article Scientists find bugs that eat waste and excrete petrol [The Times]:

“Our plan is to have a demonstration-scale plant operational by 2010 and, in parallel, we’ll be working on the design and construction of a commercial-scale facility to open in 2011,” says Mr Pal, adding that if LS9 used Brazilian sugar cane as its feedstock, its fuel would probably cost about $50 a barrel.

If these scientists are successful, peak oil may never need to occur.

By the way, "this “Oil 2.0” will not only be renewable but also carbon negative – meaning that the carbon it emits will be less than that sucked from the atmosphere by the raw materials from which it is made."