Solazyme of South San Francisco describes itself as a synthetic biology company, but it has also become an oil refining concern since it has been growing algae for oil and then turning it into its patented Soladiesel. The fuel meets biodiesel standard D6751 and European standard EN 14214, so any diesel car can use it without modification. In fact, members of the Solazyme team have been driving a Mercedes C320 up and down the California coast using only Soladiesel.Beware of what may be hype, but keep an eye on this field.
UPDATE: And by the way, if there's a lot more oil in the U.S. than expected, that's all the more reason why CO2-eating algae will be needed in the coming decades.