Yep.
Of course, if things were different, they'd be different. Electric car technology could be a lot better than it is, if y'know electric x
cars made any kind of sense. Personally, I don't want a coal- powered car.
My understanding is that even in places in Europe these systems depend strongly on subsidies, even though cars are harder to buy and gasoline/diesel is more expensive compared to the US.
It would be wise to have systems in place, because eventually electric cars will have a decent range and petroleum fuels will be restrictively expensive.
We both mostly agree on this issue, I just think it will take longer be truely competetive than you seem to think.
Biosynthesis of oil is one of the main areas Craig Venter is interested in. Given his track record, I'd say it won't take him and his team very long to create bacteria that will make usable hydrocarbons out of more readily available organics + CO2. He's already got a partnership with Shell and BP if I recall... so he's not hurting for funding.
This option has always intrigued me, especially since it is kind of related to my career field. I consistently hear doubts about the thermodynamic efficiency of these processes. IMO the have the highest chances of being thermodynamically efficient, of other methods of making our own fuel.
If we had a cheap plentiful source of energy, the thermodynamic efficiency wouldn't matter so much. Many solutions to this problem always seem to return to using nuclear power.