Alternative Source of Fuel?

So this isn't hot off the presses but I thought it was pretty exciting. This article is just an overview of what was found, but scientists altered E. coli, a common bacteria, so that they produce oil which is nearly identical to the diesel fuel we use every day.

One of the problems I can see with this is that, even though these bacteria can make fuel, the study didn't say how much fuel they make. And with the obscene amounts we use in our day to day lives, I don't really see how this would work. That and even though it would help us reduce our dependence on foreign oil, if it burns like diesel fuels then it won't really help the environment that much.

Here's the article if anyone is interested.
http://www.allvoices.com/contributed-news/14469944-uk-researchers-create-bacteria-that-can-produce-diesel-biofuel