Is Synthetic Oil "Green"?

Is synthetic motor oil better for the environment? Some say yes, because you can change your oil less frequently (therefore reducing waste oil). Some say no, because synthetic oil is just as toxic for the environment as petroleum-based oil. What do you think?

This article from About.com brings up some good points about the subject.

By the way, I’m naming the character above "oily." He’s the new CarDomain lubricant mascot. Lord knows I need a 55-gallon drum of lubricant!