On the face of it, the science seems sound. Cows do convert vegetable matter into hydrocarbons (methane gas). Why not try to duplicate the process and modify it to produce another sort of hydrocarbon (oil)?
But you're right, it could so easily get derailed that it's not even funny. Thermal depolymerization is a very promising technology, but it hasn't gone anywhere either.

Well, when I listen to the Conspiracy Theory side of my brain, it isn't in the best interest of THEM to develop any alternative sources for fuel, to bring down costs of gasoline, to reduce the USA's dependence on foreign oil, or to strengthen the dollar.

If this gets scuttled, that will add yet one more bit of evidence that the gubmint is selling us out. imo, of course.

Well, from what I understand, at least with current government price supports they can make a profit with Thermal Depolymerization. And, as the price of oil goes up, this process becomes more profitable. As to whether it can satisfy all our oil need I don't know. But it's hard to verify when they won't let you build the big plants that you need to test the process on a large scale.
Still, even if they built a bunch of small plants that would go a long way towards reducing our dependency on foreign oil.
Or let us drill in Alaska. I work in the oil pipeline safety industry. From everything I can tell, they could build another alaskan pipeline without bothering the caribou.

Ray sings, "We don't need another sequel..."