OK, yes, we have cut the emissions from the gasoline we would otherwise have used but the CO2 from the industrial process still ends up in the atmosphere.
Unconventional oil production (whether from shale or oil sands) is an energy-intensive process, and emits more CO2 than conventional extractive methods do.
That said, if the process really can be made to work, CO2 would go from being a polluting waste product to a valuable raw material, and it might even become worthwhile building systems to capture it and pipelines to ship it around.