Modern Day Research

Algae is currently a leading possibility to replace most common sources of biofuel, specifically food.  It is still just as environmentally friendly as any other biofuel source but as of now there aren't any foreseen financial issues such as food would have.  The main problem being worked on with algae right now is the fact that it is extremely difficult to get any energy out of it.  It takes a weird combination of mechanical and chemical methods to extract oil from algae and make it usable fuel, and nothing discovered so far is really a feasible long-term solution.  The one positive aspect of this is that there is such a wide range of people trying to solve this problem that even the government is investing millions of dollars into the research of it.