A brave new world of fossil fuels on demand

bearslair:

In September, a privately held and highly secretive U.S. biotech company named Joule Unlimited received a patent for “a proprietary organism” – a genetically adapted E. coli bacterium – that feeds solely on carbon dioxide and excretes liquid hydrocarbons: diesel fuel, jet fuel and gasoline. This breakthrough technology, the company says, will deliver renewable supplies of liquid fossil fuel almost anywhere on Earth, in essentially unlimited quantity and at an energy-cost equivalent of $30 (U.S.) a barrel of crude oil. It will deliver, the company says, “fossil fuels on demand.”

Totally amazing or totally scary?  

Little bit of column a, little bit of column b.
However wary I am of creating entirely new lifeforms if it helps the planet not be so polluted and it’s not detrimental to…anything then I’m all for it.