That would definitely be the ideal source of energy. However, I bet, you’ll see a lot of lobbying against it. Not only by the oil industry, but also the farming industry as well. Farming is pushing very hard to get ethanol to be the “alternative” fuel of choice. There’s also solar and wind lobbyist too. I do hope they’re successful though and this will be our fuel source soon (w/in the next 10 years).
Algae only need water and sun light to grow. So, the ideal place to grow it would be the desert. So, it’s out of site, yet, still very productive.