A San Diego start-up says it is using algae to make oil that can be refined into gasoline and other fuels that are both renewable and carbon-neutral, and it plans to produce 10,000 barrels a day within five years.

That’s a fraction of the 20 million or so barrels of petroleum the United States consumes each day, but Sapphire Energy says “green crude” production could ramp up to a level sufficient to ease our dependence on foreign oil, if not end it altogether.

[…]

He wouldn’t disclose how the process works or what it costs but said it is competitive with deep-water oil drilling and extracting petroleum from tar sands.

Full Story: Wired

I file this under “If it sounds too good to be true…”