It's a cool idea but I don't see how this is a viable long term solution, even if done at a large scale. Global oil production is on the order of 90M barrels/year, each barrel contains about 300 lbs of oil, so we're currently producing something like 27B lbs (~12B kg) of oil per year. I'm not sure how much of this ends up as CO2 in the atmosphere versus e.g. plastics, but I think it's safe to say we're probably emitt…
At this point the technology which is best in converting surplus electricity in something which counteracts climate change is most likely to become relevant.