Why do that when we have hundreds of years of oil in the ground?? By the time we run out, there will be some far better option available.
I don't know how viable will be this process, or others like the Changing World Technologies process, but I like the idea of it. NYC, for example, spends large sums of money on garbage disposal. If money can be saved on garbage disposal while turning some of the garbage into fuel then the process should be worthwhile.