Sapphire Energy , one of the few other companies like, Pacific Northwest National Laboratory, claim to be able to transform Algae to Crude Oil in less than 60 minutes by processing the harvested Algae through ordinary refineries. Sapphire Energy has paid off 50 million $ of loans by selling green crude oil produced from Algae.
Algae can be considered a renewable source of energy and could contribute to reducing CO2 in the air and can provide, in the long run, a cheap source of renewable energy. It can be planted in areas not suitable for agriculture and grows in salty water.
With time, when the production of Biofuel produced from Algea (that is available everywhere ) expands and grows , it can reduce the price of petroleum and natural gas. In the future, due to many renewable resources energy ( biofuel produced from Algea is just one part of this huge potential of renewable resources ) , we can get huge benefits to world economy, living standards and environment.