It's interesting to compare this (creating bio oil and injecting into the ground) to using ethanol in gas, which many people seemed to have concluded was/is a wasteful endeavor.
It'd be funny if at some point they concluded, 'storing this is much less efficient than burning it as fuel. Let's just burn it instead of petroleum based oils!'
I don't fully understand you so I'm going to assume you meant a sequestration process that captures CO2 as bio oil. If we capture existing CO2 and then burn it again to produce CO2, that's just re-circulation (from an ecological pov; pollution is a different story). Growing new crops to then burn it very likely adds new CO2 - not per se, but because these crops would/could only replace existing crops - which simply moves elsewhere or trees/forestland and not result in afforestation.
Also, if our goal is reduce the CO2 in the atmosphere, not just keep the balance, we need permanent sequestration.
It'd be funny if at some point they concluded, 'storing this is much less efficient than burning it as fuel. Let's just burn it instead of petroleum based oils!'