No need to worry about oil shortages, we can all rest easy because bugs are now excreting crude oil. It is amazing what $4/gallon gas can do to the organisms on this planet.
There is however, one problem with making oil a renewable resource. Burning oil makes the earth die, or something like that. The bugs will make oil which we will then burn and that will kill the bugs that make the renewable oil.
Oil situation resolved. Saving planet earth, not yet resolved. I will work on saving the planet next week.