If renewable energy like solar , wind and geothermal ( using the heat from the deep underground …) get more efficient and reliable , the demand on oil and natural gas would be undermined a lot by 2050 as some expect . To compare , see how coal has become much less expensive than it were a 100 years ago due to finding several alternatives like natural gas and oil plus nuclear energy . Not only is there renewable energy technology evolving but also some biofuels made from algae and even plastics are now being discovered and invented . Development is taking place in many areas, and some oil producing companies and oil exporting countries themselves are starting to invest in renewable green energy projects and other infrastructures for sustainable green economic development.
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.