Almost anything is "possible" on a laboratory scale, but the real difficulty with replacing oil lies in the sheer magnitude of the oil industry.
Oil is solar energy captured by plants over millions of years and made available in convenient liquid form. All solar based renewables require solar energy captured by plants over just one year, to replace this.
Of course, eventually we'll run out of oil, and then we'll have to find something else. But until then, oil is one tough competitor.
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