If they can make this portable enough to fit underneath the hood of a car, then it will be the end of the oil era. Oil will just be used to make plastic products. This would be awesome to see in my lifetime.
It would be the end of the oil era even if inventors don't manage that degree of shrinkage. With very-low-cost energy available, we can synthesize any fuel we want from "organic waste" (actually any carbon containing material that needs to be "destroyed"), whether that fuel be methanol, ethanol, gasoline, or diesel, or some other more exotic choice.
and lubricants, pharmaceuticals, fabrics, fertilizers, etc....and roads.