Fossil fuels presumably came from decaying animal and plant matter, so it seems reasonable that there might be a way to replace old oils with freshly-grown biofuels.
The trick is getting biological organisms to step up and start churning out fuels on a massive scale. Growing fuel from solar power, water and carbon dioxide would be a great solution, if the process didn't require huge swaths of land and wasn't insanely expensive.
Here are just a few links on some ways to grow instead of drill for oil.

Nice try but no dice: a federal judge has