You are going to still need plastics. Ironically, there was a plan to turn oil into foodstuffs. What you are doing is moving biomass back to the surface. Something to consider. The worst weapon to the ecology is not the drill bit but the plow.
A drill head can be used for new concept geothermal plants. Carbon can be sequestered and used to force oil out. If you were to drill in ANWR, you would leave behind small holes. You see, when you get energy from a buried three dimentional resource like oil, that has minimal surface impact. On the other hand, if you grow your fuel on the surface (maximal surface impact), you have that compete with foodstuffs.
Were all cars to start burning hydrogen today--the water vapor coming from them is actually a more severe greenhouse gas than CO2. Replace Venus' atmosphere with water vapor, and it would get hotter. Now we think the hydrologic cycle would work faster to remove excess water than the carbon cycle does to remove excess CO2, what with stomata changes. Mammoth mountain leaks a lot of CO2 (Lake Nyos style--but without the lake to bottle it up seltzer style) to where trees die, and yet, we have this:
http://www.npr.org/templates/story/story.php?storyId=125261271
The fastest way to reduce emissions is to get warheads off ICBMs, go all nuclear, and mandate all electric cars. Radon gas shows that nature doesn't abide by NRC/EPA standards itself--and that is what Yucca mountain is for. Forget helium three, just plact fission plants on the moon and beam power back.
Nature iself has been known to produce meltdowns all on its own
http://www.chemistrydaily.com/chemistry/Oklo
I think that technophobia is what is going to kill us myself.