Sure, but as R2 says just because some PHD student does something in a lab doesn't mean it can be done at a large scale. Also, the microbes need to eat something, what is the feed stock? Microbes cannot create hydrocarbons out of thin air. Just counting carbon atoms there is not enough biomass produced each year to replace what is being pumped or dug out of the ground.
Besides, so far all biofuel production takes huge amounts of fossil fuels. Diesel tractors plow the fields, the crops are fed with fertilizer made from natural gas, diesel harvesters pick the crops, diesel trucks haul the feedstock to the production plants, the production plants are run by natural gas, the finished products are delivered to the distribution points by diesel trucks. If the fuel products produced by the plant was used by all those steps, there would be no fuel left.
While it would be great to use some of the waste heat from power plants and other industries, and recycle the CO2 they emit, it will never replace fossil fuels, when they are gone they are gone and whenever that happens humans will have to go back to a more agrarian lifestyle.
As a side note, I used to ask people how much they would be willing to pay for a gallon of gas. They would always answer with a number that they didn't want to exceed. The real question was how expensive would gas get before you would stop buying it? They all cock their heads sideways and say "what do you mean, I have to buy gas"