duanes1967 writes "A company called Joule Biotech claims to have a breakthrough in biofuel production. Their process can create 20,000 gallons of fuel per acre per year at a cost of about $50 per barrel. 'Algae-based biofuels come closest to Joule's technology, with potential yields of 2,000 to 6,000 gallons per acre; yet even so, the new process would represent an order of magnitude improvement. What's more, for the best current algae fuels technologies to be competitive with fossil fuels, crude oil would have to cost over $800 a barrel says Philip Pienkos, a researcher at the National Renewable Energy Laboratory in Golden, CO. Joule claims that its process will be competitive with crude oil at $50 a barrel. In recent weeks, oil has sold for $60 to $70 a barrel.'"