There are certain scientific discoveries that make fools out of the doomsayers. Decades ago Paul Ehrlich predicted a "population bomb" where the growth of the Earth's human population would become unsustainable and result in the starvation and death of millions.

Advances in biotechnology allowed more food than ever to be grown on less land than ever -- the only starvation that happens in the world today is a result of politics stifling the distribution of food (see Mugabe, Robert and Il, Kim Jong) rather than an inability for the Earth to produce sufficient quantities.

There are many that discount abiogenic oil -- I'm open-minded that it may just be true. But skeptics can't dismiss good ol' American ingenuity.

“Ten years ago I could never have imagined I’d be doing this,” says Greg Pal, 33, a former software executive, as he squints into the late afternoon Californian sun. “I mean, this is essentially agriculture, right? But the people I talk to – especially the ones coming out of business school – this is the one hot area everyone wants to get into.”

He means bugs. To be more precise: the genetic alteration of bugs – very, very small ones – so that when they feed on agricultural waste such as woodchips or wheat straw, they do something extraordinary. They excrete crude oil.

Unbelievably, this is not science fiction. Mr Pal holds up a small beaker of bug excretion that could, theoretically, be poured into the tank of the giant Lexus SUV next to us. Not that Mr Pal is willing to risk it just yet. He gives it a month before the first vehicle is filled up on what he calls “renewable petroleum”. After that, he grins, “it’s a brave new world”.

Of course, this won't completely satisfy the environmental extremists -- after all, you would still have to combust the oil in an engine and release carbon dioxide.

Up next: A "bug" that consumes carbon dioxide and excretes oxygen.

(Yes, we have that already. It's called "plants.")